9 Purchased merchandise from Keene Co. for $9,100 under credit terms of 2/15, n/60, FOB destination.
9 Purchased merchandise from Keene Co. for $9,100 under credit terms of 2/15, n/60, FOB destination.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
MF2
9 Purchased merchandise from Keene Co. for $9,100 under credit terms of 2/15, n/60, FOB destination.
Analysis Component:
As the senior purchaser for Belton Company, you are concerned that the purchase discounts you have negotiated are not being taken advantage of by the accounts payable department. Calculate the cost of the lost discount regarding the July 9 purchase. Assume a 6% interest rate. (Do not round intermediate calculations. Round your final answer to 2 decimal places. Assume 365 days a year.)
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