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Chapter 17: Short-term financial planning and managementCalculating Float [LO1]?In a typical month, Jeremy Ltd receives 80 cheques totaling ￡156,000. These are delayed four days on average. What is the average daily float? Assume 30 days in the month.Answer: The average daily float is the amount of receipts times the average number of days delay, divided by the number of days in a month. Assuming 30 days in a month, the average daily float is:Average daily float = 4(￡156,000)/30 Average daily float = ￡20,800 Cash Discounts [LO4]?You place an order for 400 units of inventory at a unit price of €125. The supplier offers terms of 1/10, net 30.(a)How long do you have to pay before the account is overdue? If you take the full period, how much should you remit?(b)What is the discount being offered? How quickly must you pay to get the discount? If you do take the discount, how much should you remit?(c)If you don’t take the discount, how much interest are you paying implicitly? How many days’ credit are you receiving?Answer:a.There are 30 days until account is overdue. If you take the full period, you must remit:Remittance = 400(€125) Remittance = €50,000b.There is a 1 percent discount offered, with a 10 day discount period. If you take the discount, you will only have to remit:Remittance = (1 – .01)(€50,000) Remittance = €49,500c.The implicit interest is the difference between the two remittance amounts, or:Implicit interest = €50,000 – 49,500 Implicit interest = €500 The number of days’ credit offered is:Days’ credit = 30 – 10 Days’ credit = 20 days ACP and Trade Receivables [LO4]?Kyoto Joe sells earnings forecasts for Japanese securities. Its credit terms are 2/10, net 30. Based on experience, 65 per cent of all customers will take the discount.(a)What is the average collection period for Kyoto Joe?(b)If Kyoto Joe sells 1,300 forecasts every month at a price of €1,700 each, what is its average daily balance sheet amount in trade receivables? Assume 365 days in the year
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