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Point 1: Dome Metals has credit sales of $378,000 yearly with credit terms of net 60 days, which is also the average collection period. Assume the firm adopts new credit terms of 2/15, net 60 and all customers pay on the last day of the discount period. Any reduction in accounts receivable will be used to reduce the firm's bank loan which costs 8 percent. The new credit terms will increase sales by 20% because the 2% discount will make the firm's price competitive.
Question a. If Dome earns 15 percent on sales before discounts, what will be the net change in income if the new credit terms are adopted? (Use a 360-day year.)
Calino Company developed the following data for the month of August. Credit sales for August are $30,000; for July $40,000; and for June $40,000. 70 percent of credit sales are collected in the month of sale, 15 percent in the following month, and 10..
Perez, CPA, has been asked by a nonpublic company audit entity to perform a nonrecurring engagement involving implementing an IT information and control system. The entity requests that, in setting up the new system and during the period prior to con..
Midlands Inc. had a bad year in 2016. For the first time in its history, it operated at a loss. The company’s income statement showed the following results from selling 80,000 units of product: Increase unit selling price 20% with no change in costs ..
Bonds usually sell at a price that is different from the bond's face value. When this happens, the bonds are sold at a discount or premium. Discuss the market forces that would cause a bond to sell at a price that is different from its face value.
Prepare a document flowchart for the following information flow:- The shipping department sends a copy of all shipping orders to the data-entry department.- A data-entry operator keys the information from a shipping order onto a diskette.
If Bobbi Kristina invests the entire $20 million in this perpetuity, illustrate what minimum growth rate will she need to break even?
Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3. Determine the distribution of income and losses in the absence of a partnership agreement. Use the ratio of the partner’s original capital inves..
You are considering a new project, which costs $600,000 and is expected to have the following nominal cash flows of $200,000, $220,000, $220,000, $200,000, and $180,000 in years 1 through 5. The company’s nominal cost of capital is 10%. The expected ..
Quill in Company had the following budgeted information for October.October 1 cash balance $3,500
Describe the different users of financial statements and their needs - Explain the legal and regulatory influences on financial statements - Explain how different policies are dealt with by accounting and reporting standards
Problem: On December 21, 2020, Whispering Company provided you with the following information regarding its equity investments.
A company has current assets of $500,000, net income of $10,000, current liabilities of 250,000 and equity of $250,000. What is the current ratio?
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