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Question - You have recently joined a retailer of customised chairs as a management accountant. One of your tasks is to calculate the 2021 working capital components.
You have been provided with the following information to support your calculations:
Actual information for the year ending 31 December 2020 $
Sales (all credit sales) 12,300,000
COGS 7,380,000
Debtors 1,450,000
Forecast information for the year ending 31 December 2021
Sales (all credit sales) $12,450,000
Gross margin 40%
Debtors collection days 65
Based on the information provided, calculate the value of debtors forecast for 31 December 2021.
A. $2,984,000
B. $1,450,000
C. $768,000
D. $2,931,000
It reported total sales of $1,580,000, with 60% of the sales on credit. It takes 60 days to collect accounts receivable. Calculate bad debts in dollars
Frank's Custom, Using the adjusted trial balance, prepare the closing entries using the income summary account for the month of December.
Calculate the amount of the interest expense for each option . Determine the proceeds received by the borrower in each situation
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secular electric has total equity of 560000 sales of 2250000 current assets of 700000 and total liabilities of 435000.
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Calculate the retained earnings balance in the adjusted trial balance. Net income for the period was $8,000, dividends declared were $2,000
The note is discounted at 14.55% compounded monthly. Determine the proceeds on the note and how much interest the original owner of the note realized
You are a financial adviser working with a client who wants to retire in eight years. How much additional money should she deposit
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