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Exman Company performed a study of its billing and collection procedures and found

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2. Exman Company performed a study of its billing and collection procedures and found that an… 1 answer below » 2. Exman Company performed a study of its billing and collection procedures and found that an average of 8 days elapses between the time when a customer’s pay- ment is received and when the funds become usable by the firm. The firm’s annual sales are $540 million. a. • Assuming that Exman could reduce the time required to process customer payments by 1.5 days, determine the increase in the firm’s average cash balance. b.   Assuming that these additional funds could View complete question » 2. Exman Company performed a study of its billing and collection procedures and found that an average of 8 days elapses between the time when a customer’s pay- ment is received and when the funds become usable by the firm. The firm’s annual sales are $540 million. a. • Assuming that Exman could reduce the time required to process customer payments by 1.5 days, determine the increase in the firm’s average cash balance. b.   Assuming that these additional funds could be used to reduce the firm’s outstanding bank loans (current interest rate is 8 percent) by an equivalent amount, determine the annual pretax savings in interest expenses. View less » Jan 07 2016 10:51 AM


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