A company has an operating cycle of 95 days and a cash cycle of 35 days. Calculate the company's average payment period.
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- Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. $400 balance, 14%, $100 payment, previous balance methodAssume a firm has a cash cycle of 73 days and an operating cycle of 127 days.What is its payables turnover? (Use 365 days a year. Round your answer to 2 decimal places.)Please provide answer the financial accounting question
- If a credit card has a 30-day billing period, a 20-day grace period, and charges an interest rate of 20%, compounded daily, how much interest will be charged on a $5000 average monthly balance which gets paid 40 days after the statement due date using the average daily balance method?Your company has been offered credit terms on its purchases of 4/30, net 90days. What will be the nominal annual cost of trade credit if your companypays on the 35th day after receiving the invoice? (Assume a 365-day year.) Show your complete solution.compute number of days sales in receivables round your calculation and answer assume 365 days ina year
- Can you please solve this financial accounting question?Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days ong. (Round your answers to the nearest cent.) $3000 balance, 17%, $2,500 payment (a) previous balance method (b) adjusted balance method (c) average daily balance methodAssume that you start with a balance of $610 on your credit card.During the first month you charge $180 and make a payment of $400. During the second month you charge $100 and make a payment of $280. Assume that your credit card charges a 24% APR. Complete the following take table. Round your answer to the nearest cent. Table 1 month- Previous balance- Finance charge- Purchase- Payments- New balance 2 month- Previous balance- Finance charge- Purchase- Payments- New balance You have a credit card with an APR of 28%. The minimum amount payment is 12% of the balance. Suppose you have a balance of $1050. You decide to stop charging and make only the minimum payment. Complete the table. Round your answers to the nearest cent Table 1 month- Previous balance- Finance charge- Purchase- Payments- New balance 2 month- Previous balance- Finance charge- Purchase- Payments- New balance
- Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.) $200 balance, 17%, $50 payment (a) previous balance method$ (b) adjusted balance method$ (c) average daily balance methodA firm charges its credit customers 1.67% interest per month. What is the effective interest rate?The table below shows the expenses and payments for 8 months on a credit card account with an initial balance of $400. Assume that the interest rate is 1.0% per month (12% APR) and that interest for a given month is charged on the balance for the previous month. Complete the table. After 8 months, what is the balance on the credit card? E Click the icon to view the table of expenses and payments. Complete the table below. (Round to the nearest cent as needed.) Month | Payment | Expenses | Interest | Balance - > Table of expenses and payments $400 $4.00 s204.00 --- --- --- 1 $400 $200 Month Payment Expenses Interest Balance $400 $200 1.0% x $400 204.00 2 $225 $225 1 $400 = $4.00 2 3 $225 $360 $400 $225 $350 $350 $60 $80 $200 S70 6 7 8. $100 $225 $110 Print Done
