Use the following assumption to determine solve this general accounting question Use the following assumptions to determine the collectedbalance that would be required to offset a monthly servicecharge of $400.Ledger Balance = $300,000Deposit Float = $100,000Earnings Credit Rate = 1.12%Days/Month = 30 daysReserve Requirement Ratio == 10%Is it:a. $496,190.48b. $410,555.56c. $482,804.23d. $432,592.59

Step 1: Define Average Collection PeriodIt is the collection time of the amount owed by the…

Answered: Use the following assumptions to…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Use the following information from an account analysis statement to answer the following questions: • Collected balance = $500,000 • Service charges = $5,000 • Reserve requirement ratio of 10 percent • Days in month = 30 days • Earnings credit rate = 0.60 percent a. Calculate the monthly earnings credit allowance and the net service charges. b. Solve for the collected balances required and interpret the value. c. Suppose that the earnings credit rate is re-negotiated upward to 0.75 percent. Recalculate the earnings credit allowance, net service charge, and collected balance required. * With complete calculation
What is the forecasted accounts receivable on these general accounting question?
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Calculate the average daily balance and finance charge on the statement below. Assume 2% finance charge on average daily balance. Note: Round your "Finance charge" to the nearest cent. 7/3 7/18 7/27 30-day billing cycle Balance Payment Charge Walmart Average daily balance Finance charge $ 400 100 250 Credit
So.2
so.4 A credit card has a $730 balance and a 18.44% annual percentage rate the minimum required monthly payment is 2.83% of the balance estimate the credit card balance after 54 payments.
hat are the nominal and effective costs of trade credit under the credit terms of 2/20, net 40? Assume a 365-day year. Do not round intermediate calculations. Round your answers to two decimal places. Nominal cost of trade credit: % Effective cost of trade credit:
What are the nominal and effective costs of trade credit under the credit terms of 2/20, net 40? Assume a 365-day year. Do not round intermediate calculations. Round your answers to two decimal places. Nominal cost of trade credit: % Effective cost of trade credit: %
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Explain the meaning of a 20% annual percentage rate (APR) quotedby the credit c.ird company? And how the credit card company calculates theinterest payment?
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A recent annual report for FedEx contained the following data: Numerator Denominator Numerator Denominator (dollars in thousands) Accounts receivable Less: Allowances Net accounts receivable Net sales (assume all on credit) Required: 1. Determine the receivables turnover ratio and average days sales in receivables for the current year. Note: Use 365 days a year. Enter your answers in thousands not in dollars. Current Year $ 9,416,000 293,000 $9,123,000 $ 69,703,000 Receivables Turnover Ratio Net sales Average net trade accounts receivable Receivables turnover Average Days Sales in Receivables 365 Previous Year $ 88,452,000 397,000 $ 88,055,000 365 1.43 0 times 255.24 days

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