An amount of R129 600 is expected to be owed to the creditors by AR Traders at the end of 2023. The creditor payment period is forecasted at 73 days. How much is the expected credit purchases of AR Traders for 2023? A R177 534.25 B. R9 460 800 DC. R648 000 D. The credit purchases cannot be determined from the information provided
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- Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?The Purchases of inventories by GH Stores for 2023 were forecast at R3 240 000, of which 40% is expected to be on credit. The debtors collection period is estimated to be 73 days and the creditors payment period is forecasted at 36.5. how much is expected to be owed to the creditors at the end of 2023?During the year 2020, Ali AI Shaibani group of companies made the total credit purchases worth RO 912500. For the accounting year 2020, the opening accounts payable of the company were RO 125000, and the closing accounts payable of the company was RO 75000. Using the information, calculate the Average Payment period of the company. (Consider 365 days in a year) O a. 42 O b. 40 c. 80 O d. None of the options
- In 2020, XYZ Co. has an existing loan in the amount of $1.5 million with an annual interest rate of 9.5%. The company provides an internal company prepared financial statement to the bank under the loan agreement. Two competing banks have offered to replace XYZ’s existing loan agreement with a new one, starting 2021. Sadaf Remo Bank has offered to loan XYZ $1.5 million at a rate of 8.5% but would require XYZ to provide financial statements that have been reviewed by an audit firm. Amaranth Bank has offered to loan XYZ $1.5 million at a rate of 7.5% but would require XYZ to provide financial statements that have been audited by an audit firm. The controller of XYZ approached an audit firm, BRONX Partners, and was given an estimated cost of $12,000 to perform a review and $20,000 to perform an audit. The controller of XYZ approached another audit firm, Essen & Co. for an estimate. Essen & Co, has quoted $15,000 to perform a review, and $30,000 to perform an audit. XYZ…In 2020, XYZ Co. has an existing loan in the amount of $1.5 million with an annual interest rate of 9.5%. The company provides an internal company prepared financial statement to the bank under the loan agreement. Two competing banks have offered to replace XYZ’s existing loan agreement with a new one, starting 2021. Sadaf Remo Bank has offered to loan XYZ $1.5 million at a rate of 8.5% but would require XYZ to provide financial statements that have been reviewed by an audit firm. Amaranth Bank has offered to loan XYZ $1.5 million at a rate of 7.5% but would require XYZ to provide financial statements that have been audited by an audit firm. The controller of XYZ approached an audit firm, BRONX Partners, and was given an estimated cost of $12,000 to perform a review and $20,000 to perform an audit. The controller of XYZ approached another audit firm, Essen & Co. for an estimate. Essen & Co, has quoted $15,000 to perform a review, and $30,000 to perform an audit. XYZ…In 2020, XYZ Co. has an existing loan in the amount of $1.5 million with an annual interest rate of 9.5%. The company provides an internal company prepared financial statement to the bank under the loan agreement. Two competing banks have offered to replace XYZ’s existing loan agreement with a new one, starting 2021. Sadaf Remo Bank has offered to loan XYZ $1.5 million at a rate of 8.5% but would require XYZ to provide financial statements that have been reviewed by an audit firm. Amaranth Bank has offered to loan XYZ $1.5 million at a rate of 7.5% but would require XYZ to provide financial statements that have been audited by an audit firm. The controller of XYZ approached an audit firm, BRONX Partners, and was given an estimated cost of $12,000 to perform a review and $20,000 to perform an audit. The controller of XYZ approached another audit firm, Essen & Co. for an estimate. Essen & Co, has quoted $15,000 to perform a review, and $30,000 to perform an audit. XYZ…
- On December 31, 2016, Rocky Bank has a loan receivable of P4,000,000 from a borrower that it's carrying is at face value and is due on December 31, 2022. Interest on the loan is payable at 9% each December 31. The borrower paid the interest due on December 31, 2016 but informed the bank that it would probably miss the next two years' interest payments. After that, the borrower is expected to resume the annual interest payment but it would make the principal payment one year late, with interest paid for that additional year at the time of principal payment. Round off present value factors up to three decimal points. What is the impairment loss for 2016?At the end of 2020, the business has a notes payable with maturity value of TL18.000. The maturity date of the note is April 30, 2021. If the discount rate is 15%, what is the present value of the note on December 31, 2020 by using maturity value method? a.TL17.100 b.TL15.300 c.TL17.325 d.TL17.143Consider an FI with the following off-balance-sheet items: A two-year loan commitment with a face value of $120 million, a standby letter of credit with a face value of $20 million and trade-related letters of credit with a face value of $70 million. All counterparties have a credit rating of BBB. What is the total capital amount the FI needs to hold against these exposures? (Assume data obtained from 2020 FI records) Select one: A. $5.04 million B. $9.87 million C. $8.4 million D. $7.52 million
- On December 31, 2020, London Bank granted a P5,000,000 loan to a borrower with 10% stated rate payable annually and maturing in 5 years. The loan was discounted at the market interest rate of 12%. Unfortunately, the financial condition of the borrower woresend because of lower revenue On December 31, 2022, the bank determined that the borrower would oay back only P3,000,000 of the principal at maturity. However, it was considered likely that interest would continue to be paid on the P5,000,000 loan. The present value of 1 at 12% is .57 for five periods and .71 for three periods. The present value of an ordinary annuity of 1 at 12% is 3.60 for five periods and 2.40 for three periods. 1. What is the amount of cash paid to the borrower on December 31, 2020? a. 4,400,000 b. 4,500,000 c. 5,000,000 d. 4,650,000 2. What is the carrying amount of the loan receivable on December 31, 2022? a. 4,650,000 b. 4,790,000 c. 4,772,960 d. 4,720,000 3. What is the impairment loss on loan…On December 31, 2019, Panda Bank recorded an investment of P5,000,000 in a loan granted to a client. The loan has a 10% effective interest rate payable annually every December 31. The principal is due in full at maturity on December 31, 2022. Unfortunately, the borrower is experiencing significant financial difficulty and will have difficult time in making full payment. The bank projected that the entire principal will be paid at maturity and 4% interest or P200,000 will be paid annually on December 31 of the next three years. There is no accrued interest on December 31, 2019. The PV of 1 at 10% for three periods is 0.75, and the PV of an ordinary annuity of 1 at 10% for three period is 2.49. What is the loan impairment loss for 2019? A. P600,000 B. P752,000 C. P250,000 D. P748,000At the end of 2020, the business has a notes payable with maturity value of TL60.000. The maturity date of the note is April 30, 2021. If the discount rate is 20%, which adjusting entry is made on December 31, 2020 by using maturity value method? a.TL4.000 debit to 647-Discount Interest Revenue and credit to 322-Discount on N/P b.TL56.000 debit to 647-Discount Interest Revenue and credit to 322-Discount on N/ c.TL56.000 debit to 322-Discount on N/P and credit to 647-Discount Interest Revenue d.TL4.000 debit to 322-Discount on N/P and credit to 647-Discount Interest Revenue
