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ANSWERS TO END-OF-CHAPTER QUESTIONS

15-1

Suponiendo que el volumen de ventas se mantuviera constante. esperara que arrojara un saldo mayor de efectivo en un periodo de escasez de dinero o en uno de mucha circulacin?por que?

When money is tight, interest rates are generally high. This means that near-cash assets have high returns; hence, it is expensive to hold idle cash balances. Firms tend to economize on their cash balance holdings during tight-money periods. 15-2 Cuales son las dos razones principales para conserver efectivo?puede una compana estimar su saldo optimo de efectivo sumando el que tiene para atenderlas? two principal reasons for holding cash are for transactions and compensating balances. The target cash balance is not equal to the sum of the holdings for each reason because the same money can often partially satisfy both motives. Explique como en igualdad de condiciones, los siguientes factores afectaran probablemente al saldo optimo de efectivo Las companias instituyen un procedimiento de facturazion que sincroniza mejor los ingresos y los egresos de efectivo. Disenia una nueva tcnica de pronostico de vtas que mejora sus predicciones. Reduce su portfolio de valores del us treasury. Planea utilizar un sobregiro en su cuenta de cheques. Obtiene un fuerte prstamo de bcos y empieza extender mucho mas cheques que en el pasado La tasa de inters de los valores de tesorera aumenta de 5 a 10% a. Better synchronization of cash inflows and outflows would allow the firm to keep its transactions balance at a minimum, and would therefore lower the target cash balance. b. Improved sales forecasts would tend to lower the target cash balance. c. A reduction in the portfolio of U. S. Treasury bills (marketable securities) would cause the firms cash balance to rise if the Treasury bills had been held in lieu of cash balances. d. An overdraft system will enable the firm to hold less cash. e. If the amount borrowed equals the increase in check-writing, the target cash balance will not change. Otherwise, the target cash balance may rise or fall, depending on the relationship between the amount borrowed and the number of checks written.

The

15-3 a) b) c) d) e) f)

f. The firm will tend to hold more Treasury bills, and the target cash balance will tend to decline. 15-4 por que el plan de apartados postales es mas util para una compania que vende en usa que para otra con el mismo volume de negocios solo que concentrados en una ciudad de origen?

A lockbox would probably make more sense for a firm that operated nationwide. Lockboxes reduce the time required for a firm to receive incoming checks, to deposit them, and to get them cleared through the banking system so that the funds are available for use. However, even a local firm with enough volume may want its bank to receive and process checks before the firm adjusts its accounts receivable ledgers. 15-5 es verdad quecuando una compania vende a credito a tra, registra la transaccion como cuenta por cobrar y esta la registra cuenta por pagar y quesin importer los descuentos la primera cuenta sulee supercar en eel equivalente a la utilidad neta. False. 15-6 Both accounts will record the same transaction amount. cuales son los cuatro elementos de la politica de creditos. En que medida pueden las companias establecer la suya sin tener que aceptar lo que dice la competencia.

The four elements in a firms credit policy are (1) credit standards, (2) credit period, (3) discount policy, and (4) collection policy. The firm is not required to accept the credit policies employed by its competition, but the optimal credit policy cannot be determined without considering competitors credit policies. A firms credit policy has an important influence on its volume of sales, and thus on its profitability. 15-7 suponga que una compania realize una compra y que el 1 recibe la entrega, las condiciones de la vta aparecen facture. 2/10, 40 neto, fecha 1 de mayo. Cul ser la fecha en que pueda hacer el pago para aprovechar el descuento? fecha en que debe hacerse el pago en caso de no recibirlo? de febrero asi en la mas tardia cual es la

The latest date for paying and taking discounts is May 10. the payment must be made is June 9.

The date by which

15-8 Cual es el period promedio de cobranza deuna compania que vende 920000 al anio y cuyas cuentas por cobrar ascienden a 12000 a.

Days sales outstanding

$312 , 000 Accounts receivable = $2 , 920 , 000/365 Sales/365 $312 , 000 = = 39 days. $8,000/day
=

Es verdad que si vende con las condiciones 3/10, 40 neto, sus clients probablemenetepaguen todos puntualmente? b. False. While it appears that most customers pay on time (because 39 days is less than the 40 days stipulated in the credit terms), this does not mean that all customers are paying on time. In fact, it is very likely that some are not, since some customers are paying on the tenth day and are taking the discount. 15-9 False. es verdad que si una compania calcula el period promedio de cobranza no necesita un programa de antiguedad? An aging schedule will give more detail, especially as to what percentage of accounts are past due and what percentage of accounts are taking discounts.

15-10 en el anio pasado la empresa A no registro perdidas por creditos en cambio la empresa B no logro cobrar el 1% de la suya y sufrio perdidas. Debera despedir a su gerente de crdito y contratar a l de la empresa A. No. Although B sustains slightly more losses due to uncollectible accounts, its credit manager may have a wise policy that is generating more sales revenues (and thus profits) than would be the case if he had a policy which cut those losses to zero. A/R a. The firm tightens its credit standards. b. The terms of trade are changed from 2/10, net 30, to 3/10, net 30. c. The terms are changed from 2/10 net 30, to 3/10, net 40. d. The credit manager gets tough with past-due accounts. Explanations: a. When a firm tightens its credit standards, it sells on credit more selectively. It will likely sell less and certainly will make fewer credit sales. Profit may be affected in either direction. b. The larger cash discount will probably induce more sales, but they will likely be from customers who pay bills quickly. Further, some of the current customers who do not take the 2 percent discount may be induced to start paying earlier. The effect of this would be to reduce accounts receivable, so accounts receivable and profits could go either way. c. A less stringent credit policy in terms of the credit period should stimulate sales. The accounts receivable could go up or down depending upon whether customers take the new higher discount or 0 0 Sales + + Profit 0 0 0 0

15-11

delay payments for the 10 additional days, and depending upon the amount of new sales generated. d. If the credit manager gets tough with past due accounts, sales will decline, as will accounts receivable. 15-12 Para reducer su inversion en inventario una compania puede hacer que sus proveedores mantengan un inventario de MP y que sus clients mantengan un inventario de productos terminados. Explique las acciones que podra tomar para que el inventario y otros fuera mayor y el suyo menor.que limitaciones presenta? The firm could have its suppliers ship by air freight, reducing lead time, or on consignment, reducing the firms purchasing costs. The firm can reduce its finished goods inventory by manufacturing to meet orders, or by shipping goods to customers at the firms discretion, or by using seasonal dating in its accounts receivable policy. Unless the firm is in a strong bargaining position, or offers some financial incentive, shifting inventory burdens to suppliers and customers may result in higher costs and fewer sales. If a supplier has to carry larger raw material inventory, it may charge a higher price to the firm to cover its increased inventory costs. Shifting inventory burdens to customers may result in lost sales if customers can obtain better service from other firms.

SOLUTIONS TO END-OF-CHAPTER PROBLEMS

15-1 En un dia normal Troan corp extiende cheques por valor de 10000. Suele tardar 4 das en compensarlo. Diariamente recibe 10000 en cheques cuya compensacin requiere 3 das cual es la flotacin neta promedio de la compaa? Net Float = Disbursement float - Collections float = (4 $10,000) - (3 $10,000) = $10,000. 15-2 vendieron 10M y la razn de rotacin de inventarios fue de 2. Ahora adopta Just in time cuanto efectivo liberara si baja el nivel de inventario y aumenta a 5 su razn de rotacin sin que cambie el nivel de vtas. Sales = $10,000,000; S/I = 2. Inventory = S/2 =

$10 , 000 , 000 = $5,000,000. 2

If S/I = 5, how much cash is freed up? Inventory = S/5 =

$10 , 000 , 000 = $2,000,000. 5

Cash freed = $5,000,000 - $2,000,000 = $3,000,000. 15-3 medwing tiene un period promedio de cobranza de 17 dias. El promedio diario de vtas a crdito es 3500 cual es el promedio de sus ctas por cobrar? DSO = 17; Credit sales/Day = $3,500; A/R = ?

A/R S/365 A/R 17 = $3,500 A/R = 17 $3,500 = $59,500.


DSO = 15-4 Malitz & opera una compaa de pedidos por correo en la costa oeste. Recibe un promedio diario de 325000 en pagos. En promedio transcurren cuatro das desde el momento en que los clientes envan por correo los cheques hasta

qu elos recibe y los procesa. Esta utilizando un sistema postales A) Cual es su costo total anual de la operacin del sistema B) Que beneficio aporta el sistema a al compaa C) Debera implantarlo

de

apartados

a. Cost = (Number of locations)(Number of transfers)(Cost per transfer) + (Monthly cost)(12) = (10)(260)($9.75) + ($6,500)(12) = $25,350 + $78,000 = $103,350. b. Reduction in days of float = 3 days. Benefit =

Reduction in days of float

Daily Opportunity cost collections

= (3)($325,000)(0.10) = $97,500. c. Net gain (loss) = $97,500 - $103,350 = -$5,850. Malitz should not initiate the lockbox system since it will cost the firm $5,850 more than it will earn on the freed funds. 15-5 Mcdowell inc vende con las condiciones 3/10 neto. Las vtas anuales ascienden a 912500. El 40% de los clientes paga el dia 10 y aprovecha el desceunto , el 60% restante paga en gral e 40 dias. a) Cual es el periodo promedio de cobranza b) Cual es el monto promedio de las cuentas por cobrar c) Que sucedera con las cuentas por cobrar si la compaa endureciera su poltica de cobranza de modo que los clientes sin descuento pagaran en el dia 30 a. 0.4(10) + 0.6(40) = 28 days. b. $912,500/365 = $2,500 sales per day. $2,500(28) = $70,000 = Average receivables. c. 0.4(10) + 0.6(30) = 22 days. $912,500/365 = $2,500 sales per day.

$2,500(22) = $55,000 = Average receivables. Sales may also decline as a result of the tighter credit. This would further reduce receivables. Also, some customers may now take discounts further reducing receivables. 15-6 a. balance gral miuestra 35750 cash, 47000 ctas por cobrar. 66000 inventarios.13000 pasivo acumulado y 72000 en ctas por pagar. El costo de los productos vendidos es de 80% del ingreso de vtas. El ciclo de vtas de conversin de efectivo es 16.79dias a) A cuanto ascienden sus vtas anuales

b) El gerente de produccin determino, blah blah Setting up the formula for the cash conversion cycle, sales can be calculated. CCC = 16.79 16.79 16.79 16.79ADS ADS = = = = =

Acct. Rec. Inv. Acct. Pay. + Avg. Daily Sales Avg. Daily Sales Avg. Daily COGS ($47,000/ADS) + ($66,000/ADS) - ($72,000/0.8ADS) ($47,000/ADS) + ($66,000/ADS) - ($90,000/ADS) $23,000/ADS $23,000 $1,369.863.

Therefore, annual sales equal $500,000 ($1,369.863 365 = $500,000). b. Based upon the given information, the firm's current assets equal $148,750 ($35,750 + $47,000 + $66,000). Therefore, for its current ratio to increase to 2.0, it must reduce accounts payable to a level such that current liabilities total $74,375 ($148,750/2). If accrued liabilities on the balance sheet equal $13,000, accounts payable must be reduced to $61,375 ($74,375 - $13,000). The firm's new average daily cost of goods sold would equal $1,369.863 0.70 = $958.90. Combined with the original information, the new CCC can be determined as follows: CCC = COGS) CCC = CCC = CCC = (AR/Avg. Daily Sales) + (Inv/Avg. Daily Sales) - (AP/Avg. Daily ($47,000/$1,369.863) + ($66,000/$1,369.863) - ($61,375/$958.90) 34.31 + 48.18 - 64.01 18.48 days.

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