Homework Answers
Answer 1:
Correct answer is:
b. $215
Explanation:
Sales for 2019 = 35100 * (1 + 18%) = $41,418 million
Account receivable in 2019 = 41418 / 360 * 40 = $4,602 million
Account receivable in 2018 = 35100 / 360 * 45 = $4,387.5 million
Difference in account receivable = 4602 - 4387.5 = 215 million
Hence option b is correct and other options a, c and d are incorrect.
Answer 2:
Correct answer is:
d. 18%
Explanation:
Accounts payable in year 2018 = $3919.5 million
Year 2019:
Purchases = 67% of sales = 41418 * 67% = $27750.06 million
Accounts payable in 2019 = 27750.06 / 360 * 60 = $4625.01 million
% increase in accounts payable = (4625.06 / 3919.5) - 1 = 18.00%
Hence option d is correct and other options a, b and c are incorrect.
Answer 3:
Correct answer is:
a. $5527 million
Explanation:
We calculated in above two answers that:
Account receivable in 2019 = $4,602 million
Accounts payable in 2019 = $4625.01 million
Given that cost of sales are equal to purchases and DIO = 72 days
Inventory in 2019 = 27750.06 / 360 * 72 = $5550.01 million
Hence:
ONWC = 4602 + 5550.01 - 4625.01= $5527 million
Hence option a is correct and other options b, c and d are incorrect.
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