What is a lockbox system for collecting accounts receivable, and how can it reduce a firm's collection float?
What will be an ideal response?
Answer: A lockbox is a post office box at a central post office near a firm's bank. Payments are sent to the post office box, and a bank employee picks up the checks from the P.O. box and immediately begins the process of clearing the checks. This eliminates the extra time involved if the firm receives the checks directly, processes them through accounts receivable, and then physically transfers the checks to the bank. This is a long-standing process that has been improved upon through electronic banking, which also eliminates "snail mail" from the payment process.
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After closing the temporary owners' equity accounts into Income Summary, and after allocating the net income and closing the partners' drawing accounts, assume the partners' capital accounts had credit balances as follows: Peluso, $20,000; Odin, $30,000; Nazaro, $45,000 . Partners share profits and losses as follows: Peluso, 20%; Odin, 30%; and Nazaro, 50%. If Peluso purchased Nazaro's interest
in the partnership for $40,000 cash, the amount entered in Nazaro's capital account is a a. $5,000 debit. b. $40,000 debit. c. $40,000 credit. d. $45,000 debit.
Which of the following is NOT considered a source of marketing intelligence?
A) distributors B) industry trade publications C) customers D) causal research E) activities of competitors
BTW, I need your report with stats asap is considered an example of professional expression and tone
Indicate whether the statement is true or false
(Future tense) Logitech Industries ____ its new CEO on Monday
A) announces B) announced C) will announce