QUESTION:12 Harrah Company provided the following information for the month of October: Beginning cash balance: $35,000 Cash receipts: $460,000 Cash disbursements: $485,000 Harrah's policy is to keep a minimum end-of-the-month cash balance of $30,000. How much will Harrah's need to borrow during October? a. $20,000 b. $25,000 c. $10,000 d. $0
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- Sheridan Company provided the following information for the month of October: Beginning cash balance=$34700 Cash receipts=459600 Cas disbursements=486000 Sheridan's policy is to keep a minimum end-of-the-month cash balance of $29300. How much will Sheridan need to borrow during October? $21000 $26400 $8300 $0Harrah Company provided the following information for the month of October: Beginning cash balance $ 35,000 Cash receipts 460,000 Cash disbursements 485,000 Harrah's policy is to keep a minimum end of the month cash balance of $30,000. How much will Harrah's need to borrow during October?Finance Calculating the Cost of Credit Card Purchases Directions Use the interest rate of 18% and an annual fee of $49 to complete this chart. In Month 1, there was a balance due of $3,000. The borrower will make a monthly payment of $200 and keep new purchases of goods and services at $115 per month for the year. Month 1 Calculate the interest for each month (balance x 1.5%). To obtain the balance for the next month, subtract the payment from the balance and add cost of new purchases plus monthly interest and fee. For example: $3,000 - $200 = $2800+ $115 + $94 = $3,009. (NOTE: The annual fee of $49 is paid only once.) 2 3 4 5 6 7 8 9 10 11 Interest rate: 18% (APR); 1.5% monthly 12 Balance $3,000 $3,009 $2,969.14 Payments $200 $200 Purchases $115 $115 E $49 $45 67-20112.2011 CARD WALICH FRACTORES 2017-12-221. PARTS TAPER Annual fee: $49 Interest & Fee $45.14 Interest & Fee (Cumulative) $94 $139.14 101
- Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $120 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $26.59 October 16 Credit $10.00 October 25 Purchase $122.60January February March $ 518,000 406,500 478,000 Kayak requires a minimum cash balance of $40,000 at each month-end. Loans taken to meet this requirement charge 1%, interest per month, paid at each month-end. The interest is computed based on the beginning balance of the loan for the month. Any preliminary cash balance above $40,000 is used to repay loans at month-end. The company has a cash balance of $40,000 and a loan balance of $80,000 at January 1. Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repayment amounts (If any) should be Indicated with minus sign.) Beginning cash balance Add: Cash receipts Total cash available Less: Cash payments for All items excluding interest Interest revenue Total cash payments Preliminary cash balance $ 465,900 354,400 535,000 Loan activity Additional loan (loan repayment) Ending cash balance Loan balance - Beginning of month Additional loan (loan repayment) Loan balance, end of month KAYAK COMPANY Cash…What would be the cash disbursements for month 3? Description Month 1 Month 2 Month 3 Month 4 Material Purchases $ 175,000.00 $ 185,000.00 $ 215,000.00 $ 190,000.00 Amount paid in month of purchase 65.00% Amount paid in month after purchase 30.00% Amount paid two months after purchase 5.00% Discounts in month of purchase 3.50% Discount in month after purchase 1.00% Total Cash disbursements in month 3 Show your work below Description Month 1 Month 2 Month 3
- QUESTION 3 In the month of February Concord Airtines expects a total cash receipt of 172 and a total cash disbursements (payments) of 626. The ending cash balance of January was 59. The company will take a loan in case the minimum desired cash balance of 500 BD is not met. Based on this information what is the loan amount for the month of February2 ints 03:18:33 eBook Hint Print References The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $790 $820 $900 $980 a. Accounts receivable at the beginning of the year are $380. The company has a 45- day collection period. Calculate cash collections in each of the four quarters by completing the following: (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Beginning receivables Sales Cash collections Ending receivables Q1 380.00 790.00 Q2 820.00 Q3 900.00 Q4 980.00 b. Recalculate the cash collections with a collection period of 60 days. (A negative answer should be indicated by a minus sign. Do not round intermediateQUESTION 10 In the month of February Concord Airlines expects a total cash receipt of 122 and a total cash disbursements (payments) of 353. The ending cash balance of January was 69. The company will take a loan in case the minimum desired cash balance of 500 BD Is not met. Based on this information what is the loan amount for the month of February
- The following information has been presented to you for 2018 by Wonder Projects Limited: September October November Rand Rand Rand Cash revenue 200 000 220 000 240 000 Credit revenue 120 000 180 000 190 000 Purchases (all credit) 130 000 140 000 120 000 Additional information: Collection of credit revenue: 50% in the month of invoice 30% one month after invoice 15% two months after invoice and the balance written off as irrecoverable. Purchases are on credit and are paid for one month after the purchase, less 5% Rent income amounts to R10 000 per The rent will increase by 8% on 1 October 2018. A fixed deposit of R150 000 will mature on 31 October 2018. Interest of R15 000 will also be received on this A new computer will be purchased on 3 September 2018 for R25 000 Salaries amount to R20 000 per A 10% increase will take effect on 1 October 2018. The owner is expected to take R5 000 cash from the business on 20 October…13. For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.4% per month on the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $449.50 January 13 Billing Date January 15 Returns January 22 Clothes January 27 Bus tickets February 2 Payment February 6 Flowers $105.58 $122.54 $77.74 $120 $65.22 (a) The average daily balance is $ (Round to the nearest cent as needed.). (b) The finance charge is $ (Round to the nearest cent as needed.) (c) The account balance for the next billing is $ (Round to the nearest cent as needed.) C O a IS ry ry av toSparks Corporation has a cash balance of $18,900 on April 1. The company must maintain a minimum cash balance of $15,500. During April, expected cash receipts are $67.000. Cash disbursements during the month are expected to total $80.500. Ignoring interest payments, during April the company will need to borrow: Multiple Cholce O $10:100 $5.400 $13.500 $15.500