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Ace Corp. has sales for the second quarter of $2M, $3M and $5m per month. All sales are on credit terms 2/10 net 40. Only a small proportion of customers (10%) pay early enough to earn the 2% discount. Most customers (70%) pay in the month following purchase, with the remaining 20% paying in the second month following purchase. It obtains 30 days credit from its suppliers, and purchases usually amount to 70 % of the current month's sales. Taxes ($0.75M) must be paid in the third month of the quarter. Other expenses are (i) wages @ 15% of current month's sales (ii) interest on debt ($0.5M), and "other expenses" @ 10% of current month's sales.
Problem 1: Construct a cash budget for third month of the second quarter.
Problem 2: Does the firm have a cash surplus or deficit?
Lumyn Electronics is a family owned business. The company sold 128 TV remote controls in July and incurred a total cost of $1,700. In November they sold 248 TV remote controls and incurred a total cost of $3,500. Based on this information, find the f..
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Tara owns a house that she has been living in for eight years. She purchased the house for $200,000 and the FMV today is $ 160,000. She is moving into her?friend’s house and has decided to convert her residence to rental property. Assume 20% of the?p..
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Indicate the amounts and direction of effects on the elements of the statement of financial position and the statement of earnings.
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