this is for financial mathematics :) thank you for your help! Google DocsProject Dert Format Tools Extensions Help0% ▾ Normal text+ment will=5Times ...1May 15June 1June 812+²Explore what happens when you make a payment to your credit card at a different time. You willuse the same information to do different problems: one where the payment is made early in thebilling cycle, the other when the payment is made late in the billing cycle.61.) The balance on the Smith's credit card on May 12, their billing date, was $378.50. for theperiod ending June 11, they had the following transactions.May 13Charge: Toys$129.79Payment$50.00Charge: Clothing$135.85Charge: Housewares $37.63yB I UA 6 ©a.) Find the average daily balance for the billing period, which ends on June 11. May has 31days.c. What is the Smith's new credit card balance on June 12?b. What is the finance charge calculated on June 11. The monthly periodic rate is 1.3%.&7Jacer8= = = EE X(9O)0kami47.1

a) To find the average daily balance, we need to first calculate the daily balance for each day of…

mith's credit card on May 12, their billing date, was $378. ey had the following transactions. arge: Toys $129.79 yment $50.00 arge: Clothing $135.85 arge: Housewares $37.63 I balance for the billing period, which ends on June 11. Ma arge calculated on June 11. The monthly periodic rate is 1.3 w credit card balance on June 12?

mith's credit card on May 12, their billing date, was $378. ey had the following transactions. arge: Toys $129.79 yment $50.00 arge: Clothing $135.85 arge: Housewares $37.63 I balance for the billing period, which ends on June 11. Ma arge calculated on June 11. The monthly periodic rate is 1.3 w credit card balance on June 12?

Corporate Financial Accounting

15th Edition

ISBN:9781337398169

Author:Carl Warren, Jeff Jones

Publisher:Carl Warren, Jeff Jones

Chapter8: Receivables

Section: Chapter Questions

Problem 8.1MAD: Accounts Receivable Turnover and Number of Days Sales in Receivables Analyze and compare Amazon.com...

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Discuss issues that arise when processing small payments (under $10) for online transactions. Be sure to describe the solutions to any problems you identify, including the names of companies or products that provide such solutions.
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Accounts Receivable Turnover and Number of Days Sales in Receivables Analyze and compare Amazon.com to Best Buy Amazon.com, Inc. (AMZN) is one of the largest Internet retailers in the world. Best Buy, Inc. (BBY) is a leading retailer of consumer electronics and media products in the United States. Amazon and Best Buy compete in similar markets; however, Best Buy sells through both traditional retail stores and the Internet, while Amazon sells only through the Internet. Sales and accounts receivable information for both companies for a recent period follows (in millions): Amazon Best Buy Sales 135,987 39,528 Accounts receivable: Beginning of year 5,654 1,280 End of year 8,339 1,162 a.Determine the accounts receivable turnover for each company. Round all calculations to one decimal place. b.Determine the number of days sales in receivables for each company. Round all calculations to one decimal place. c. Evaluate the relative efficiency in collecting accounts receivables between the two companies. d. What might explain this difference?
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