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Use for both question
Elaine Corporation is planning to introduce changes in its collection procedures. The new procedures are expected to make the collection period longer by 10 days, although there will be no change in bad debts. For the coming year, Elaine Corporation's budgeted sales is s P32,400,000 or P90,000 per day. Short-term interest rates are expected to average at 9% per annum.
Problem 1: As a result of the changes in collection procedures, Elaine Corporation's average accounts receivable balance will increase(decrease) by
A. 900,000
B. 90,000
C. (900,000)
D. 32,400,000
Problem 2: To make the changes in collection procedures cost beneficial, the minimum savings in collection costs for the coming year should be
B. 81,000
C. 8,100
D. 90,000
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