Need assistance urgently! A company estimates 2% of its $200,000 credit sales will be uncollectible.What is the bad debt expense for the year?
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Need assistance urgently!
A company estimates 2% of its $200,000 credit sales will be uncollectible.
What is the bad debt expense for the year?
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- Can you explain the correct methodology to solve this general accounting problem?Need help with this financial accounting questionYour firm has an average collection period of 27 days. The current practice is to factor all receivables immediately at a discount of 2.2 percent. Assume that default is extremely unlikely. What is the effective cost of borrowing? (365 in year) please answer me fast this accounting question
- Campbell Computing Inc. expects to have sales this year of $30 million under its current credit policy. The company offers a credit term of 2/8, net 20. Currently, 60 percent of paying customers take the discount and rest are paying on time. The bad debt loss is 2 percent. The company has a profit margin of 20%, and uses a 5% short-term bank loan to finance its accounts receivables. With 365-day a year assumption, please calculate the following items: a. The bad debt loss of the company this year b. The annual discount given to customers c. The accounts receivables level d. The financing cost of accounts receivablesWhat is the effective cost?answer
- A firm has no cash sales (all sales are on credit and are collected 28 days after the sale). If the receivables are $167,000, what is the level of sales? Assume there are 365 days in a year. Round your answer to the nearest dollar. $CSI Lumber Company has sales of $10 million per year. All sales are on credit, calling for payment within 30 days, but not all their customers pay on time. Accounts receivable are too high; they are $2 million. The receivables reflect money the firm can't use yet. The firm has to borrow $2 million to finance the receivables. How much is the firm's DSO?14.46 Well-managed companies set aside money to pay for emergencies that inevitably arise in the course of doing business. A commercial solid-waste recycling and disposal company in Mexico City puts 0.5% of its after-tax income into such an account. (a) How much will the company have after 7 years if after-tax income averages $15.2 million and inflation and market interest rates are 5% per year and 9% per year, respectively? (b) What will be the buying power of that amount in today's dollars?
- N5. AccountPlease give answer general accounting questionA firm buys on terms of 2/10, net 30, but generally does not pay until 40 days after the invoice date. Its purchases totaled $1,095,000 per year. How much “non-free” trade credit does the firm use on average each year? What is the nominal cost of “non-free” trade credit? What is the effective cost rate of the costly credit?