Mgmt_200_Spring_2008_Homework_4_solution(3,3)

Mgmt_200_Spring_2008_Homework_4_solution(3,3) - NAME: _...

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NAME: ___________________________ PUID _________________ Please write your name in BLOCK letters and in the format: Last name, First name. Management 200 – Introductory Financial Accounting– Spring 2008 Krannert School of Management - Purdue University Homework 4 – due Friday, February 22, 2008 - SOLUTION IMPORTANT: This homework must be turned in on this sheet of pages (please staple). It is preferred that you print it out two-sided if at all possible. Assignments not completed on this form will not be graded. The grade for this assignment will be based on the correctness of a partial portion of the assignment – the full assignment will not be graded. Please print your name and PUID clearly and legibly in the spaces above. Cyndi Corporation reported net accounts receivable on its January 31, 2007 balance sheet of $64,320 (this amount is net of the allowance for doubtful accounts of $4,110). Cyndi Corporation has a January 31 year-end. Gross sales for the year ended January 31, 2008 totaled $4,521,890 as follows: Credit sales 606,050 Credit card sales 2,631,300 Cash sales 1,284,540 Total sales $4,521,890 Credit sales represent credit granted by Cyndi Corporation. Credit terms are 2/10, net 60. Credit card sales are customers who pay with a third party credit card (Visa, Mastercard, etc). Cyndi Corporation has negotiated a 3% credit discount with these credit card companies. Cyndi Corporation allows customers to return items for 90 days from the date of
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Mgmt_200_Spring_2008_Homework_4_solution(3,3) - NAME: _...

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