ABC Electronics holds inventory for 45 days and collects payments from customers in 20 days. What is its operating cycle?
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what is its operating cycle? accounting question
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- Jack Inc. offers a credit term of n/30. This means that the company: a. receives money from the customers 30 days after the of sale of the goods. b. offers a 30-day loan to the suppliers. c. expects to collect receivables every 30 days. d. pays its creditors within 30 days of the purchase of raw materials.Accounts payable turnover days (Use 365 days. Round your answer to nearest whole number.)So-called 6-month or 12-month same-as-cash offers allow you to pay off the whole balance within a certain time-frame and not pay any interest. This is still considered what? a. Credit b. Debt c. Lay-away d. Owed Income e. Money Order
- If a company has a cash cycle of 30 days and an operating cycle of 92 days, what is its average payment period?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 DoneA) Find the average daily balance B) Find the monthly finance charge C) Find the account balance fot the next billing
- Then, prepare the journal entry assuming the payment is made within 10 days (the discount period).Suppose your business has secured a line of credit and receives the accompanying statement of account for the month of October. The limit on your line of credit is $1000.00. You receive daily interest of 1.6% p.a. on positive balances and pay daily interest of 8% p.a. on negative (line of credit) balances. Overdraft interest is 15% p.a. on the daily amount exceeding your line of credit limit. There is a service charge of $5.00 for each transaction causing an overdraft or adding to an overdraft. Use this information to complete parts (a) through (e) below. E Click the icon to view the statement for the month of October. ..... (a) Calculate the amount of interest earned. Total interest earned = $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) Calculate the amount of interest charged on the line of credit. Total line of credit interest charged = $Please solve this question
- Assume 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 balanceWhat is the due date of a 220 day loan made on February 12?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 method