Question
In: Finance
Dynamic Futon forecasts the following purchases from suppliers: Jan. Feb. Mar. Apr. May Jun. Value of...
Dynamic Futon forecasts the following purchases from suppliers:
| Jan. | Feb. | Mar. | Apr. | May | Jun. | |
| Value of goods ($ millions) | 32 | 28 | 25 | 22 | 20 | 20 |
a. Forty percent of goods are supplied cash-on-delivery. The remainder are paid with an average delay of one month. If Dynamic Futon starts the year with payables of $22 million, what is the forecasted level of payables for each month? (Do not round intermediate calculations. Enter your answers in millions rounded to 1 decimal place.)
| Jan. | Feb. | Mar. | Apr. | May | Jun. | |
| Payables | $ | $ | $ | $ | $ | $ |
b. Suppose that from the start of the year the company stretches payables by paying 40% after one month and 20% after two months. (The remainder continue to be paid cash on delivery.) Recalculate payables for each month assuming that there are no cash penalties for late payment. (Do not round intermediate calculations. Enter your answers in millions rounded to 1 decimal place.)
| Jan. | Feb. | Mar. | Apr. | May | Jun. | |
| Payables | $ | $ | $ | $ | $ | $ |
Solutions
Expert Solution
a) All data are in $ millions
|
Notes:
- COD is 40% of purchases.
- Payable for this month = ( Purchases - COD )
- Previous Payables is $ 22 million for Jan and as it takes 1 month average dealy to pay its payables, the payables will be 0 for next month as the accounting is done at the end of the month.
- Total Payables = Payables for current month + Previous Payables
b)
|
Notes:
- COD is 40% of purchases.
- Payable for this month = 40 % of Purchases
- Payable after two months = 20 % of Purchase
- Previous Payables is $ 22 million for Jan and for rest months is the 20% of payables for the previous month.
- Total Payables = Payables for current month + Previous Payables
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