## [answered] 12/1/2016 Lesson 10 Homework Submitted by Kollman, Kera (KJ

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12/1/2016 Lesson 10 Homework Submitted by Kollman, Kera (KJK223) on 11/11/2016 4:35:23 PM

Points Awarded

Points Missed

Percentage 15.00

0.00

100% 1.

McConnell Corp. has a book net worth of \$13450. Long?term debt is \$2086. Net working capital, other than

cash, is \$3506. Fixed assets are \$2641 and current liabilities are \$1867.How much cash does the firm have?

What is the firm?s level of current assets?

Cash 9389 Current Assets 14762

Points Earned: 3.0/3.0 Correct Answer(s): Cash: 9389?

Current Assets: 14762 2.

XYZ Corp. has forecasted the following quarterly sales amounts for the upcoming year:

? Q1 =\$763? Q2 = \$702? Q3 = \$882? Q4 = \$806

Accounts receivable at the beginning of the year are \$371 and XYZ has a 45?day collection period.

What are XYZ?s cash collections in each quarter? (Round intermediate calculations AND final answers to the

nearest whole dollar). Q1 Cash Collection 753 Q2 Cash Collection 733 Q3 Cash Collection 792 Q4 Cash Collection 844

Points Earned: 1.0/1.0 Correct Answer(s): Q1 Cash Collection: 752?

Q2 Cash Collection: 732?

Q3 Cash Collection: 792?

Q4 Cash Collection: 844 3.

Consider the following financial statement data for Flip Sound Systems: https://cms.psu.edu/section/content/default.asp?WCI=pgDisplay&amp;WCU=CRSCNT&amp;ENTRY_ID=2B90FFB15EB54F85BDB5CE8EC7E9679C&amp;PREVIEW=0 1/4 12/1/2016 Lesson 10 Homework Item Beginning Balance Ending Balance Inventory 10098 12886 Accounts Receivable 6878 7297 Accounts Payable 8016 10688 Net Sales 99163 Cost of Goods Sold 62202 What is Flip?s Operating Cycle? (Round intermediate calculations to 5 decimal places. Round answers to 1

decimal place) What is Flip?s Cash Cycle? (Round intermediate calculations to 5 decimal places. Round answers to 1 decimal

place) Operating Cycle 93.5 Cash Cycle 38.6

Points Earned: 3.0/3.0 Correct Answer(s): Operating Cycle: 93.5?

Cash Cycle: 38.6 4.

Wright Inc. has forecasted the following quarterly sales amounts for the upcoming year:

? Q1 =\$757? Q2 = \$684? Q3 = \$914? Q4 = \$804 Wright?s purchases from suppliers in a quarter are equal to 70% of the next quarter's forecasted sales.The

payables period is 60 days. Wages, taxes, and other expenses are 17% of sales, and interest and dividends are

\$62 per quarter. No capital expenditures are planned.

Sales in Q1 of the following year are expected to be 948. What are Wright?s cash disbursements each quarter?

(Round intermediate calculations AND final answers to the nearest whole dollar). Q1 Cash Disbursement 704 Q2 Cash Disbursement 710 Q3 Cash Disbursement 832 https://cms.psu.edu/section/content/default.asp?WCI=pgDisplay&amp;WCU=CRSCNT&amp;ENTRY_ID=2B90FFB15EB54F85BDB5CE8EC7E9679C&amp;PREVIEW=0 2/4 12/1/2016 Lesson 10 Homework Q4 Cash Disbursement 795

Points Earned: 3.0/3.0 Correct Answer(s): Q1 Cash Disbursement: 704?

Q2 Cash Disbursement: 710?

Q3 Cash Disbursement: 831?

Q4 Cash Disbursement: 795 5. Consider the following third?quarter budget data for TAP &amp; Brothers: July August September Credit Sales 251703 263029 286913 Credit Purchases 97659 117460 138789 Wages, Taxes, and Expenses 26393 31568 33495 Interest 7312 7748 7952 Equipment Purchases 54296 61717 0 The company predicts that 4% of its credit sales will never be collected, 30% of its sales will be collected in

the month of the sale, and the remaining 66% will be collected in the following month. Credit purchases will

be paid in the month following the purchase.

In June, credit sales were \$138364, and credit purchases were \$102706.

July?s beginning cash is \$184431. What is the ending cash amount for each month in the third quarter? (Round

intermediate calculations AND final answers to the nearest whole dollar).

If TAP maintains a policy of always keeping a minimum cash balance of \$75,000 as a buffer against uncertainty

and forecasting errors, what is the cash surplus/deficit each month in the third quarter? (Enter surplus as a

positive number and deficit as a negative number. Round intermediate calculations AND final answers to the

nearest whole dollar). July Ending Cash 160555 August Ending Cash 206896 September Ending Cash 307662 July Surplus/Deficit 85555 August Surplus/Deficit 131896 https://cms.psu.edu/section/content/default.asp?WCI=pgDisplay&amp;WCU=CRSCNT&amp;ENTRY_ID=2B90FFB15EB54F85BDB5CE8EC7E9679C&amp;PREVIEW=0 3/4 12/1/2016 Lesson 10 Homework September Surplus/Deficit 232662

Points Earned: 3.0/3.0 Correct Answer(s): July Ending Cash: 160555?

August Ending Cash: 206896?

September Ending Cash: 307662?

July Surplus/Deficit: 85555?

August Surplus/Deficit: 131896?

September Surplus/Deficit: 232662 6. B&amp;G Inc. has an average accounts receivable collection period of 48 days and a daily average accounts

receivable balance of \$34000.

What is B&amp;G?s receivables turnover? (Round answer to one decimal place)

What is B&amp;G?s annual credit sales? (Round answer to the nearest whole dollar. When using previous answers,

use the rounded answer as it was given in the answer box) Receivables Turnover 7.6 Credit Sales 258400

Points Earned: 2.0/2.0 Correct Answer(s): Receivables Turnover: 7.6?

Credit Sales: 258400 Continue https://cms.psu.edu/section/content/default.asp?WCI=pgDisplay&amp;WCU=CRSCNT&amp;ENTRY_ID=2B90FFB15EB54F85BDB5CE8EC7E9679C&amp;PREVIEW=0 4/4

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