Professional Documents
Culture Documents
Receivables Quizzes Solutions
Receivables Quizzes Solutions
Receivables Quizzes Solutions
)A
b. Cash 900,000.00
Receivable from Factor 60,000.00
Factor Fee 240,000.00
AR 1,200,000.00
1,200,000.00 AR
(60,000.00) Factor Fee
(240,000.00) Holdback
900,000.00 Cash Received
c. Cash 918,225.00
Loss on Discount 8,775.00
Notes Receivable - Discount 900,000.00
Interest Income 27,000.00
900,000.00 Principal
54,000.00 Interest
954,000.00 Maturity Value
Cash 1,350,000.00
Service Fees 90,000.00
Notes Payable 1,440,000.00
1,800,000.00 AR
0.80 Percent Advanced
1,440,000.00
(90,000.00) Fees
1,350,000.00 Proceeds
f. Cash 1,009,800.00
Accounts Receivable 990,000.00
Interest Income 19,800.00 990,000*0.12*2/12
AFDA
150,000.00 BEG
WOFF 100,000.00 250,000.00 DAE
50,000.00 RECOVER
100,000.00 450,000.00
350,000.00 END
8.) D 9.) B
Gross Sales 5,900,000.00 AFDA
Cash Sales (2,100,000.00)
AR Sales 3,800,000.00 WOFF 50,000.00
Collection (3,150,000.00)
AR 650,000.00 50,000.00
AR remaining 650,000.00
AR, Beg 950,000.00
WOFF (50,000.00)
Sale Ret and Allowance (250,000.00)
AR, End 1,300,000.00
10.) A 11.) B
AFDA
100,000.00 BEG
40,000.00 DAE
80,000.00 RECOVERY
220,000.00
170,000.00 END
AFDA AGING
1,040,000.00 BEG 60,000.00
WOFF 200,000.00 550,000.00 DAE 300,000.00
100,000.00 90,000.00 RECOVERY 300,000.00
300,000.00 1,680,000.00 400,000.00
1,380,000.00 END 320,000.00
1,380,000.00
23,500,000.00
DAE 0.05 1,175,000.00
WOFF 2015 (120,000.00) 3,000,000.00 < 16
WOFF 2014 (80,000.00) 1,500,000.00 16-50
Recovery 2015 40,000.00 1,200,000.00 51-100
Recovery 2014 25,000.00 800,000.00 101-200
AFDA Beg 1,040,000.00 400,000.00 201-365
6,900,000.00 Accounts Receivables
(1,380,000.00) AFDA, End
5,520,000.00 NRV
16.) C
Face amount 200,000.00 Face amount 200,000.00
PV of 1, 12% 0.7118 Present Value 142,356.00
Present Value 142,356.00 Discount 57,644.00
Carrying Amnt 160,000.00
Loss on Sale (17,644.00)
19
Notes Receivable 200,000.00
Loss on Sale 17,644.00
Equipment 160,000.00
Discount on NR 57,644.00
22
12/31/2006
Discount on NR 17,082.72
Interest Income 17,082.72
12/31/2007
Discount on NR 19,132.65
Interest Income 19,132.65
12/31/2008
Discount on NR 21,428.56
Cash 200,000.00
Interest Income 21,428.56
Notes Receivable 200,000.00
Date Principal Interest Amortization Carrying
142,356.00 0.12
12/31/2006 0.00 17,082.72 (17,082.72) 159,438.72
12/31/2007 0.00 19,132.65 (19,132.65) 178,571.37
12/31/2008 200,000.00 21,428.56 (21,428.56) 0.00
09/01 Accounts Receivable - Assigne 750,000.00
Accounts Receivable 750,000.00
Cash 610,000.00
Service Fee 15,000.00
Notes Payable 625,000.00
22.) 610,000