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How much is the amount of loan that you would borrow

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Reference no: EM132947838

Question - The following information pertains to Tiffany Company:

Month Sales

January $30,000

February $40,000

March $50,000

Cash is collected from customers in the following manner:

Month of sale 30%

Month following the sale 60%

Two months following the month of sale 10%

How much cash will be collected from customers in February?

A. $28,000

B. $30,000

C. $18,000

D. $40,000

Repay loan at the end of 2nd quarter. Interest is due on any principal at the time it is paid. Interest is not compounded. How much is the amount of loan that you would borrow in the 1st quarter?

A. $44,000

B. $59,000

C. $15,000

D. None of the above

Reference no: EM132947838

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