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 Accounting ASAP
Forcasting Payments
If firm pays it's bill with 30 day delay, what fraction of it's purchases will be paid for in the current quarter? I following quarter? What is it's payment delay is 60 day.
Assuming that this company opened its doors on Jan 1st (no previous transactions), and that they purchase the same amounts each month, then this is as simple as:
The company will have paid for 2/3 of its purchases at the end of the first qtr. (jan bills will be paid in feb, feb bills will be paid in march, and so on.
In the second qtr, they will have paid 5/6 of their purchases. (still carrying jan over)
If it's 60 days, then 1/3 in the 1st qtr, and 2/3 in the second
She forecasts that 400 payments a day will be bade to lock boxes with an average payment size of $2,000. The bank's charge for operating the lock boxes $.40 a check. The interest rate is .015 percent per day.
a. If the lock box saves 2 days in collection float, is it worthwhile to adopt the system?
b. What minimum reduction in the time of collection and process each check is needed to justify use of the lockbox system?
a. 400 items x $2,000 per item x 2 days float = $1,600,000 x .00015 = $240 Daily Return
400 x $.40 = $160 bank charge per day $240  $160 = $80 ahead per day Yes it is worthwhile.
b. 1.34 days
400 x $2,000 x 1.34 = 1,072,000 x .00015 = $160.80 Although at $.80 per day, I do not know if it would be worth it.
If a firm pays its bills with a 30day delay, what fraction of its purchases will be paid for in the current quarter? In the following quarter? What if its payment delay is 60 days?
Forecasting Payments. If a firm pays its bills with a 30day delay, what
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