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C.xls


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C.xls
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15Chaptermodel2/16/200612:472/16/2006Chapter15.WorkingCapitalManagementThischapterdealswithworkingcapitalmanagement.Twousefultoolsforworkingcapitalmanagementare(1)thecashconversioncycleand(2)thecashbudget.Thisspreadsheetmodelshowshowthesetoolsareusedtohelpmanagecurrentassetsandpresentsthemonseparateworksheets.THECASHCONVERSIONCYCLE(Section15.2)panymustmakepaymentsandwhenitreceivescashinflows.Thecashconversioncycleisdeterminedbythreefactors:(1)Theinventoryconversionperiod,whichistheaveragetimerequiredtoconvertmaterialsintofinishedgoodsandthentosellthosegoods.(2)Thereceivablescollectionperiod,whichisthelengthoftimerequiredtoconvertthefirm'sreceivablesintocash,orhowlongittakestocollectcashfromasale.(3)Thepayablesdeferralperiod,whichistheaveragelengthoftimebetweenthepurchaseofmaterialsandlaborandpaymentforthem.Thecashconversioncycleisdeterminedbythefollowingformula:Cashconversioncycle=Inventoryconversionperiod+Receivablescollectionperiod−reatFashionsInc.Salesare$1,216,666andcostsofgoodssoldare$1,013,889,whileinventoriesare$250,000,accountsreceivableare$300,000,andpayablesare$150,000.Basedona365-dayyear,.Sales$1,216,666COGS$1,013,889Inventories$250,000AR$300,000AP$150,000Days/=ICP+RCP−PDP=Inv/(COGS/365)+AR/(Sales/365)−AP/(COGS/365)=90+90−54=126.00Ittakes90daystomakeandselldressesandanother90daystocollectcashafterthesale,oratotalof180daysbetweenspendingmoneyandcollectingcash.However, 内容来自淘豆网www.taodocs.com转载请标明出处.