(2) The current ratio, quick ratio, inventory turnover, and average collection period of Zach Industries indicate a healthy liquidity position.
(3) Zach Industries' debt ratio and times interest earned ratio suggest that the company has a moderate level of debt but is still able to cover interest expenses.
(4) The gross profit margin, net profit margin, return on total assets, and return on common equity of Zach Industries demonstrate profitability levels that are in line with industry averages.
(5) Zach Industries' market/book ratio suggests that the market values the company lower than its book value, which may be due to perceived risks or growth prospects.
To analyze Zach Industries' financial condition, we can use the industry averages given in the table as benchmarks for comparison.
2. Activity:
a. Current ratio:
Current Ratio = Current Assets / Current Liabilities
The current ratio of Zach Industries in 2019 is:
Current Ratio = $110,200 / $37,000 = 2.98
The industry average for current ratio is 1.80. Zach Industries' current ratio is higher than the industry average, indicating that the company has sufficient current assets to cover its short-term obligations.
b. Quick ratio:
Quick Ratio = (Current Assets - Inventory) / Current Liabilities
The quick ratio of Zach Industries in 2019 is:
Quick Ratio = ($110,200 - $16,000) / $37,000 = 2.41
The industry average for quick ratio is 0.70. Zach Industries' quick ratio is significantly higher than the industry average, indicating that the company can meet its short-term obligations without relying on inventory sales.
c. Inventory turnover:
Inventory Turnover = Cost of Goods Sold / Average Inventory
The inventory turnover of Zach Industries in 2019 is:
Inventory Turnover = $106,000 / [(Beginning Inventory + Ending Inventory) / 2]
Assuming beginning inventory = ending inventory
Inventory Turnover = $106,000 / ($16,000 / 365) = 24.06 times
The industry average for inventory turnover is 2.50. Zach Industries' inventory turnover is significantly higher than the industry average, indicating that the company is efficient in managing its inventory.
d. Average collection period:
Average Collection Period = Accounts Receivable / (Annual Credit Sales / 365)
The average collection period of Zach Industries in 2019 is:
Average Collection Period = $16,000 / ($160,000 / 365) = 36.5 days
The industry average for average collection period is 37.5 days. Zach Industries' average collection period is in line with the industry average, indicating that the company is efficient in collecting its receivables.
3. Debt:
a. Debt ratio:
Debt Ratio = Total Debt / Total Assets
The debt ratio of Zach Industries in 2019 is:
Debt Ratio = ($130,000 - $26,500) / $183,100 = 56.10%
The industry average for debt ratio is 67%. Zach Industries' debt ratio is lower than the industry average, indicating that the company has a lower level of debt relative to its assets.
b. Times interest earned ratio:
Times Interest Earned Ratio = Operating Profits / Interest Expense
The times interest earned ratio of Zach Industries in 2019 is:
Times Interest Earned Ratio = $17,000 / $1,000 = 17 times
The industry average for times interest earned ratio is 3.8. Zach Industries' times interest earned ratio is significantly higher than the industry average, indicating that the company has sufficient earnings to cover its interest expenses.
4. Profitability:
a. Gross profit margin:
Gross Profit Margin = Gross Profit / Sales Revenue
The gross profit margin of Zach Industries in 2019 is:
Gross Profit Margin = $54,000 / $160,000 = 33.75%
The industry average for gross profit margin is 40%. Zach Industries' gross profit margin is lower than the industry average, indicating that the company has lower profitability in its sales.
b. Net profit margin:
Net Profit Margin = Net Profit / Sales Revenue
The net profit margin of Zach Industries in 2019 is:
Net Profit Margin = $6,540 / $160,000 = 4.09%
The industry average for net profit margin is 3.6%.
5. Market:
In terms of market performance, Zach Industries has a higher market-to-book ratio than the industry average, indicating that investors are willing to pay a premium for the company's shares compared to its book value.
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John has $10,000 in debt with discover, $4,000 in debt with chase, $9,000 in debt with citi bank, and $3,000 in debt with wells fargo, giving him a total debt of $26,000. what percentage of john's total debt is with discover
The percentage of John's debts with discover is \(38.46%\), by using percentage calculation.
Given,
John's total debt:
$10,000 with discover$4,000 with chase $9,000 with Citi bank$3,000 with wells FargoTotal debt of John is $26,000, to calculate his Percentage of debt with discover, we need to add all the debts and then calculate how much percentage is 10,000 of 26000.
Calculation is as follows:
\(10000/26000*100=38.46\)
Hence, The percentage of John's debts with discover is \(38.46%\)\(%\), by using percentage calculation.
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Krishna is 56 years old; he has contributed to the CPP without interruption for over 30 years. While crossing the street, Krishna was struck by a bus and seriously injured. He is currently hospitalized and on life support and his doctors have informed Krishna's family that it is uncertain as to whether he will awaken from his coma. Assuming at the time of his accident, Krishna was entitled to a CPP retirement benefit of $660, the flat-rate disability amount is $496.36 per month and the maximum monthly disability benefit is $1362.30, how much of a disability benefit will Krishna receive under the CPP? a) 50 b) $865.94 C) $991.36 d) $1156.36
Option(A) is the correct answer. Krishna will receive a disability benefit of $660 under the CPP.
To determine the disability benefit that Krishna will receive under the CPP, we need to consider a few factors. First, let's calculate the disability benefit based on the provided information:
The flat-rate disability amount is $496.36 per month.
The maximum monthly disability benefit is $1362.30.
Krishna's entitlement to a CPP retirement benefit is $660 per month.
To calculate the disability benefit, we compare the retirement benefit to the flat-rate disability amount and the maximum monthly disability benefit:
The disability benefit will be the lesser of:
The retirement benefit ($660)The flat-rate disability amount ($496.36) plus the retirement benefit minus the flat-rate disability amount.Let's calculate the disability benefit based on the above formula:
Disability benefit = min(retirement benefit, flat-rate disability amount + retirement benefit - flat-rate disability amount)
= min($660, $496.36 + $660 - $496.36)
= min($660, $660)
= $660
Therefore, Krishna will receive a disability benefit of $660 under the CPP.
Option (a) 50, option (b) $865.94, option (c) $991.36, and option (d) $1156.36 are not correct based on the given information. The correct answer is that Krishna will receive a disability benefit of $660 under the CPP.
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Krishna is 56 years old; he has contributed to the CPP without interruption for over 30 years. While crossing the street, Krishna was struck by a bus and seriously injured. He is currently hospitalized and on life support and his doctors have informed Krishna's family that it is uncertain as to whether he will awaken from his coma. Assuming at the time of his accident, Krishna was entitled to a CPP retirement benefit of $660, the flat-rate disability amount is $496.36 per month and the maximum monthly disability benefit is $1362.30, how much of a disability benefit will Krishna receive under the CPP? a) $660 b) $865.94 C) $991.36 d) $1156.36
Which of the following statements is true? Segregated funds are often considered a subset of specialty funds. Real estate funds offered by insurance companies as an alternative to conventional m Bond funds seek to achieve a high level of income and liquidity. Ethical funds are typically guided by moral criteria. Mortgage funds have higher risk then bond funds.
The true statement from the following is "Ethical funds are typically guided by moral criteria."Ethical funds are managed in accordance with moral, social, and environmental criteria in addition to financial considerations.
They are, however, structured as an insurance contract, and as a result, they provide some assurance to investors that their principal will be preserved.Real estate funds, on the other hand, are funds that are specifically designed to invest in real estate assets. They are frequently marketed as an alternative to conventional investments like bonds or stocks. These funds may invest in real estate directly, or they may invest in companies that own or develop real estate. Mortgage funds may invest in a diversified portfolio of mortgages,
But they are typically riskier than bond funds because they may be less liquid, less diversified, and have a higher level of default risk.Bond funds, on the other hand, aim to provide a high level of income and liquidity. They invest in a portfolio of fixed-income securities, such as corporate bonds or government bonds, and seek to generate income through interest payments while preserving capital.The statement "Ethical funds are typically guided by moral criteria" is the only true statement from the given options.
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Refer to the data for Lavage Rapide in Exercise 8 - 8. The company actually washed 8,800 cars in August.
Required:
Prepare the company's flexible budget for August.
A flexible budget adjusts based on changes in actual revenue or other activities. The result is a budget that is fairly closely aligned with actual results. This approach varies from the more common which contains nothing but fixed expense amounts that do not vary with actual revenue levels.
fixed variable $7,040
Electricity $1,200 $1,320
Maintenance $1,760
wages and salaries $5,000 $2,640
Depreciation $6,000
Rent $8,000
Administrative expenses $4,000 $880
Total expenses $24,200 $13,640
expenses $24,200
flexible budget $37,840
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A monopolized market is characterized by: a.a sole supplier, no close substitutes, and free entry. b.a sole supplier, no close substitutes, and barriers to entry. c.a sole supplier, many close substitutes, and barriers to entry. d.a sole supplier, a few close substitutes, and free entry.
A monopolized market is characterized by, where the market is monopolized by a single supplier or producer, there are no close substitutes, and there are significant barriers to entry that prevent other firms from entering and competing.
A monopolized market is characterized by a sole supplier or producer, where there are no close substitutes available in the market.
Furthermore, there are significant barriers to entry, which prevent other firms from entering the market and competing with the monopolist.
Due to the lack of competition, the monopolist has the power to control the price and supply of the product or service they offer, resulting in higher prices and lower output than a perfectly competitive market.
Monopolized market structure can lead to higher prices and lower output, which can be detrimental to consumers in the long run. Governments often regulate monopolies to ensure fair competition, protect consumers, and promote economic efficiency.
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Definition: The annual interest rate paid by a bond. It does not reflect the interest rate paid over the life
of the bond
Answer:
the answer is: Current yield
A financial institution that accepts deposits, makes loans, and provides other
financial services is a(n):
A. contractual institution.
B. depository institution.
C. fractional reserve institution.
D. investment institution.
Answer:
B. depository institution.
Explanation:
Depository financial institutions provide customers with a wide range of financial services. They accept customer's deposits, issue loans, process checks, facilitate local and international payment, among others.
Depository financial services comprise commercial banks that are profits oriented and not-for-profit institutions such as credit unions and thrift institutions. Commercial banks charge a higher interest rate on loan issued than credit unions. However, banks can issue bigger loans than credit unions.
Answer:it’s not B
Explanation:
Got wrong on A.P.E.X
The Cooke family has worked for various General Motors's divisions for over four decades. Bennett Cooke works at the Cadillac division. Rondella Cooke works at the Buick division. Their son Tyrone works at the Corvette plant, and their daughter Niome works at the Saturn plant. The Cooke family could tell you that GM is departmentalized by:
Answer:
Product
Explanation:
Since in the question it is mentioned that Cooke family worked in the various division like Bennett Cooke works at the Cadillac division and like this other its family working in different divisions
So here it is focused on a single product that could be sold by different divisions
Therefore it is departmentalized by product
What is Product Development?
Product development is a process that involves the creation, design, and launch of new products or services. The goal of product development is to bring innovative and unique products to the market that meet the needs of customers and solve problems. The process involves several stages, including ideation, research, design, testing, and launch.
In the ideation phase, ideas are generated and evaluated to determine their feasibility, market potential, and profitability. The research phase involves gathering information on the target market, competitors, and consumer preferences.
Design and development are the next phases, where prototypes are created and tested to refine the product.
Testing involves evaluating the product's functionality, usability, and effectiveness. Based on the results of testing, adjustments are made, and the product is refined until it is ready for launch.
The launch phase involves creating a marketing strategy, introducing the product to the market, and monitoring its performance.
Product development is essential for businesses to remain competitive and meet the changing needs of customers. It requires a team of professionals with diverse skills, including product designers, engineers, marketers, and project managers, to collaborate and bring the product to fruition. Successful product development requires a deep understanding of the market, customer needs, and the ability to create a product that exceeds expectations.
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What type of transactions should be recorded in the Payment, Fee, Withdrawal column
of your check register?
The Savings and Loan Crisis in the 1980s was a result of the cost of the military. the federal budget surplus. the number of new taxes. the number of failing banks.
Answer: the number of failing banks.
Explanation:
The Savings and Loan Crisis lasted from the 1980s to the 1990s and saw the failure of 1,043 Savings and Loan associations (S&Ls). These small "banks" accept deposits and use them to create loans for their members.
The problem with these S&Ls was that they were making losses on the loans they gave out and instead of getting out of business, they engaged in speculative trading to offset their gains and lost even more money leading to the government closing them down.
Answer:
D
Explanation:
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If a central bank wanted to increase the money supply, what would it most likely do? a. It would make open-market purchases and raise the bank rate. b. It would make open-market purchases and lower the bank rate. c. It would make open-market sales and lower the bank rate. d. It would make open-market sales and raise the bank rate.
Answer:
b. It would make open-market purchases and lower the bank rate
Explanation:
If the central bank wants to increase the supply of money in the economy it must conduct the purchase of securities in the open market, when the central bank will purchase securities it will offer money to the public in return for the purchase, leading to an increase in the supply of money. The central bank can also decrease the bank rate, a fall in the bank rate will make it cheaper for the commercial banks to lend money, so they will also charge less rate of interest on the loans offered to the public, hence incentivising people to take loans from the bank and thus increasing the supply of money in the economy.
The first unit of a product took 296 hours to build and the
learning curve is 91%. Approximately how long will it take to make
the 36th unit?
The time taken to produce each unit of a product can be estimated using a learning curve.
When a product is made repeatedly, the time taken to make each unit will generally decrease.
This is because workers become more efficient over time as they gain experience.
The formula to estimate the time taken to produce the nth unit of a product is given by:
Tn = T1 x n^log(1/r)
Where Tn is the estimated time taken to produce the nth unit,
T1 is the time taken to produce the first unit,r is the learning curve expressed as a decimal (in this case 91% = 0.91), and n is the number of units produced (in this case n = 36).
So, plugging in the given values,
T36 = 296 x 36^log(1/0.91)
T36 = 296 x 36^0.152T36 = 296 x 1.397
T36 = 413.352
It will take approximately 413.352 hours to make the 36th unit.
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What is the the effect on the foreign price with a combined domestic production subsidy and consumption tax applied by a small country on the same good at the same level?
Answer:
The effect these factor will have on Import is that it will lower Imports and decrease in imports = Increase in foreign prices
Explanation:
The effect on the foreign price when there is a combined domestic production subsidy and consumption tax applied on a good at the same level
i) when consumption tax is applied : The consumer price will increase by the amount of the tax and the demand for the good will decrease while the producer price will remain the same
ii) when production subsidy is applied : producer price will increase while the consumer price will remain unchanged
when they are both set at the same level ( i.e. consumption tax and production subsidy ) The producer price = consumer price
The effect these factors will have on Import is that it will lower Imports and decrease in imports = Increase in foreign prices
What is a difficulty with using gold as money?
Answer:
Gold money lacks most of these: It's not very durable, is hard to transport, is easy to counterfeit and is a variable store of value
Kentucky Fried Chicken, with 18,875 stores in 118 countries and territories around the world, changed their recipe (the spiciness) for various regions. Even within China, the spiciness varies from region to region. Their menu changed also; for example, in Shanghai, KFC serves porridge for breakfast and Peking Duck burgers for lunch. This example shows that multinational firms must _______.
Because KFC changed their recipe (the spiciness) for various regions, this shows that multinational firms must develop every new product for potential worldwide distribution.
What is new product development?A new product development refer to a firm process of bringing in a new product to the marketplace.
In conclusion, the development of new product helps in potential worldwide distribution.
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Agribusiness developed as a result of a desire for more environmentally friendly agricultural practices. a desire for more environmentally friendly agricultural practices. increased demand for specialty food products. increased demand for specialty food products. a growing shortage of arable land. a growing shortage of arable land. declining numbers of farmers.
Answer:
declining numbers of farmers
Explanation:
Agribusiness is defined as an industry that is concerned with economic activities related to farming from the farming practices to the final product that gets to the consumer.
Activities like chemical production, breeding, crop production, farm machinery, marketing, and distribution of inputs.
In the agricultural space as a decline in the number of farmers occurred it became necessary for businesses to commercialise various stages of the agricultural value chain.
This resulted in more availablity of required products and services that farmers need to operate. With this support the number of farmers is now growing.
For example in contract farming companies provide the farmer with needed inputs as a loan.
At harvest produce from the farm is used to repay the loan.
This empowers the farmer to keep producing.
The body eliminates 90% of the alcohol a person consumes through the.
Read the story below and answer the questions indicated:
At the beginning of the question-and-answer portion of the annual stockholders' meeting of Matrix Corporation, stockholder Niamh Farrell asks, "Why did management sell the holdings in ABC Company at a loss when this company has been very profitable during the period Matrix held its stock?"
Since president Samuel Herring has just concluded his speech on the recent success and bright future of Matrix, he is taken aback by this question and responds, "I remember we paid $1,500,000 for that stock one year ago. I am sure we sold that stock at a much higher price. You must be mistaken."
Farrell retorts, "Well, right here in footnote number 7 to the annual report it shows that 250,000 shares, a 40% interest in ABC, were sold on the last day of the year. Also, it states that ABC earned $500,000 this year and paid out $125,000 in cash dividends. Finally, the income statement for this year shows a loss on the sale of ABC stock of $25,000. So, I doubt that I am mistaken."
Red-faced, president Herring turns to you.
Questions:
1) What dollar amount did Matrix receive upon the sale of the ABC stock?
2) Explain why both stockholder Farrell and president Herring are correct.
1 The dollar amount received upon the sale of ABC stock by Matrix Corporation is not provided in the story. 2 President Herring is correct that Matrix sold the stock at a higher price, while stockholder Farrell is correct in pointing out the loss on the sale.
1, Matrix received a dollar amount equal to the sale price of the ABC stock upon its sale. The specific amount is not mentioned in the given story.
2, Both stockholder Farrell and president Herring are correct in their own perspectives. President Herring is correct in stating that Matrix sold the stock at a higher price than its original purchase price of $1,500,000.
However, stockholder Farrell is also correct in pointing out that the income statement shows a loss on the sale of ABC stock, indicating that the sale price was lower than its carrying value.
The difference between their statements may be due to factors such as transaction costs, market fluctuations, or timing of the sale.
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Boston Beanery, a U.S.-based company, establishes a branch in Great Britain in January of Year 1, when the exchange rate is US$1.30 per British pound (£). During Year 1, the British branch generates £5,000,000 of pretax income. On October 15, Year 1, £2,000,000 is repatriated to Boston Beanery and converted into U.S. dollars. Assume the effective income tax rate in Great Britain is 19 percent. Taxes were paid in Great Britain on December 31, Year 1. Relevant exchange rates for Year 1 are provided here (US$ per £): January 1 1 .30 Average 1.40 October 15 1.45 December 31 1.50 Assume a U.S. tax rate of 21 percent. Required: Determine the amount of U.S. taxable income, U.S. foreign tax credit, and net U.S. tax liability related to the British branch (all in U.S. dollars).
Related to the British branch the amount of
U.S. taxable income - $5,575,000.
U.S. foreign tax credit - $1,425,000.
net U.S. tax liability - (-) $254,250.
To determine the amount of U.S. taxable income, U.S. foreign tax credit, and net U.S. tax liability related to the British branch:
1. Calculate the pretax income in U.S. dollars:
£5,000,000 * 1.40 (average exchange rate) = $7,000,000
2. Calculate the British income tax:
£5,000,000 * 19% = £950,000
3. Convert the British income tax to U.S. dollars:
£950,000 * 1.50 (December 31 exchange rate) = $1,425,000
4. Calculate the U.S. taxable income:
$7,000,000 - $1,425,000 = $5,575,000
5. Calculate the U.S. tax liability:
$5,575,000 * 21% = $1,170,750
6. Calculate the U.S. foreign tax credit:
$1,425,000 (converted British tax)
7. Determine the net U.S. tax liability:
$1,170,750 (U.S. tax liability) - $1,425,000 (foreign tax credit) = -$254,250
The U.S. taxable income related to the British branch is $5,575,000. The U.S. foreign tax credit is $1,425,000, and the net U.S. tax liability is -$254,250 (meaning there's a surplus and no additional tax is owed).
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Investment: Securities 1.7. Choose any form of investment and make a presentation in a form of a power Point/ cue cards. Submit your PowerPoint presentation/ Q- cards as evidence to your teacher. Use the following factors to consider when making investment decisions to explain the impact of the form of investment of your choice. S 1.7.1 Liquidity 1.7.2 Risk
Liquidity and risk are two crucial aspects to take into account when making investment decisions.
The ease with which an investment can be changed into cash without suffering a large loss in value is referred to as liquidity. The liquidity of various investment types varies in various ways.
The uncertainty and possibility of loss connected to investment are referred to as risk. Risk levels are different for various investment vehicles.
The potential for bigger profits on investments with a higher level of risk is also accompanied by a greater likelihood of loss. Although they could offer more consistency, lower-risk investments may also produce lower returns.
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Which statement describes a benefit of credit cards over debit cards
Answer:
A
Explanation:
Credit cards allow you to buy things even without the full funds.
Debit cards do not.
An expansionary monetary policy may promote long-run growth if it leads to
(A) an increase in consumption.
(B) an increase in investment.
(C) an increase in government spending.
(D) a constant level of government spending.
(E) a decrease in net exports.
An expansionary monetary policy may promote long-run growth if it leads to (B) an increase in investment.
Expansionary monetary policy is a type of macroeconomic monetary policy that aims to increase the money supply to encourage lending, borrowing, and investment.
By lowering interest rates and increasing the money supply, expansionary monetary policy is intended to boost spending and stimulate economic growth. The increased investment, in turn, may lead to increased production, higher employment, and ultimately long-run growth.
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at a schlage lock factory, many employees are needed to use tiny screwdrivers and other tools to carefully assemble the inner workings of door knobs and locks. they must sit at a station and look through a magnifying glass to complete this work. this production process could best be described as
At a Schlage lock factory, many employees are needed to use tiny screwdrivers and other tools to carefully assemble the inner workings of door knobs and locks. They must sit at a station and look through a magnifying glass to complete this work. this production process could best be described as manual assembly.
Manual assembly is a manufacturing process that involves using human labor to assemble products or components. In this process, workers use hand tools, such as screwdrivers and pliers, to put together the various parts of a product.
At the Schlage lock factory, the production process involves manual assembly of the inner workings of door knobs and locks. This means that skilled workers must use their hands and hand tools to assemble the various parts of the lock mechanism. They must work carefully and precisely to ensure that the lock functions correctly and is of high quality.
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1. Despite the expense, why might a business choose to mail a catalog?
Answer:
Catalogs can promote a business's brand by displaying them in high-traffic areas and distributing them in stores. Customers often have an idea of what they want to buy after looking through a catalog. But, they'll likely find other items they want to buy when they go online or to a brick-and-mortar store to order.
Retailing includes all activities involved in selling, renting, and providing product and services Blank______.
Retailing includes all activities involved in selling, renting, and providing product and services to ultimate consumers.
What is retail?It should be noted that retail simply means the sale of goods and services to ensure that the demand of the public are met.
In this case, retailing includes all activities involved in selling, renting, and providing product and services to ultimate consumers.
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if you have many competing financial goals, what should you do to help yourself focus on the most important ones
a. get more unearned income
b. prioritize and make a budget
c. open a checking account
d. diversify your investments
Answer:
b. prioritize and make a budget.
Explanation:
Comprehending the drive and purpose behind one's objectives will help broaden their mind and allow people to think about why they set the targets initially. Financial priorities are perfect because they're helping people establish an ambitious plan for their life to move ahead. To balance competing financial objectives, one needs to think about which goals are already in place, which ones may be pending for a few years, and what adjustments one might like to add to their budget.
Answer:
b. prioritize and make a budget
Explanation:
Which phrase best completes the list?
Edit: The correct answer is D
Answer:
The answer is D
Explanation:
because you can't withdrawal money whenever you want that makes long term savings have more interest then savings accounts.
hich pricing strategy involves setting a high price for an exclusive, high-end product?
Faldo Corp sells on terms that allow customers 45 days to pay for merchandise. Its sales last year were $325,000, and its year-end receivables were $60,000. If its DSO is less than the 45-day credit period, then customers are paying on time. Otherwise, they are paying late. By how much are customers paying early or late? Base your answer on this equation: DSO - Credit Period = Days early or late, and use a 365-day year when calculating the DSO. A positive answer indicates late payments, while a negative answer indicates early payments.a. 21.27b. 22.38c. 23.50d. 24.68e. 25.91
Answer:
b. 22.38
Explanation:
The credit period to pay for merchandise is 45 days, sales for last year = $325,000, therefore sales/day (daily sales) = $325,000/365 = $890.41
Year-end receivables = $60,000
Company DSO = Year-end receivables/ daily sales = $60000/$890.41 = 67.38
The difference between the Company DSO and credit period determines if the payment is early or late. A positive answer indicates late payments, while a negative answer indicates early payments.
Therefore, Company DSO - credit period = 67.38 - 45 = 22.38
Since the difference is positive, it is a late payment