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1.It is the middle of December 20X6 and Pangli Co is looking at working capital management for January 20X7.
Forecast financial information at the start of January 20X7 is as follows:
Inventory $455,000
Trade receivables $408,350
Trade payables $186,700
Overdraft $240,250
All sales are on credit and they are expected to be $3·5m for 20X6. Monthly sales are as follows:
November 20X6 (actual) $270,875
December 20X6 (forecast) $300,000
January 20X7 (forecast) $350,000
Pangli Co has a gross profit margin of 40%. Although Pangli Co offers 30 days credit, only 60% of customers pay in
the month following purchase, while the remaining customers take an additional month of credit.
Inventory is expected to increase by $52,250 during January 20X7.
Pangli Co plans to pay 70% of trade payables in January 20X7 and defer paying the remaining 30% until the end of
February 20X7. All suppliers of the company require payment within 30 days. Credit purchases from suppliers during
January 20X7 are expected to be $250,000.
Interest of $70,000 is due to be paid in January 20X7 on fixed rate bank debt. Operating cash outflows are expected
to be $146,500 in January 20X7. Pangli Co has no cash and relies on its overdraft to finance daily operations. The
company has no plans to raise long-term finance during January 20X7.
Assume that each year has 360 days.
Required:
(b) Discuss FIVE techniques that Pangli Co could use in managing trade receivables. (10 marks)
