Assume the credit terms offered to your firm by your suppliers are 2.9/4, Net 30. Calculate the cost of the trade credit if your firm does not take the discount and pays on day 30.
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- Assume the credit terms offered solve this accounting questionsWhich of the following numbers represents the discount percentage applied if a customer pays within a discount window and credit terms are 3/15, n/60? A. 3 B. 15 C. 60 D. 3 and 15Captain Whitman Ship Supplies offers terms of 3/15, net 45. If a purchaser takes the discount and pays on the 10th day, what is the nominal cost of trade credit? Now suppose a purchaser actually pays on the 20th day but still takes the discount. What is the actual nominal cost of the trade credit?
- Calculate the APR and rEAR of non-free credit asscoiated with credit terms of 3/10 net 50, and 2.5/15 net 45 assuming that customers who do not take the discount (a) pay on the last due date and (b) delay payment until 10 day after the due date. I submitted this question and was asked to resubmit as it seemed to be missing information. This is the only information given in the problem.If NetSolutions sells a customer some products on account (accounts receivable) and offers a discount for early payment of the customers accounts receivable within the credit period, the discount is called a _________________________________. Group of answer choices trade discount purchases discount sales discount sales allowanceQ3.
- BUS 038 : Business Computatns12. For terms of 6/10, n/30, what annual rate do you pay the supplier if you fail to pay the invoice at the end of the discount period?1. How should the $25 Referral Credit be recorded in Runway’s incomestatement?2. When would Runway record the $25 Referral Credit? What are the journalentries Runway would record when the $25 Referral Credit is earned bythe Existing Customer? What are the journal entries Runway would recordwhen the $25 Referral Credit is redeemed against a $100 purchase madeby the Existing Customer?3. Runway is planning to adopt IFRSs in the near future. What is the relevantaccounting guidance it would follow under IFRSs?McEwan Industries sells on terms of 3/10, net 40. Total sales for the year are $1,912,500; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average, 66 days after their purchases. Assume 365 days in year for your calculations. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below. a. What is the days sales outstanding? Round your answer to two decimal places. 43.6 $ b. What is the average amount of receivables? Round your answer to the nearest cent. Do not round intermediate calculations. days 228,452 c. What is the percentage cost of trade credit to customers who take the discount? Round your answers to two decimal places. 3.09 %
- Calculate the APR and rEAR of non-free trade credit associated with credit terms of 3/25, net 85, and 2.5/15, net 60, assuming that customers who do not take the discount a. pay on the last due date. Assume there are 360 days in a year. Do not round intermediate calculations. Round your answers to two decimal places. Credit terms of APR TEAR 3/25, net 85 APR TEAR b. delay payment until 15 days after the last due date. Assume there are 360 days in a year. Do not round intermediate calculations. Round your answers to two decimal places. % % 3/25, net 85 2.5/15, net 60 Credit terms of % % % % 2.5/15, net 60 % %. A buyer does not take advantage of a supplier's credit terms of 2/10, n/30 but pays in full at the 30th day; by not taking the discount the buyer loses the equivalent of how much annual interest (stated as a percentage) on the amount of the purchase. Show your calculations.Firms usually offer their customers some form of trade credit. This allowance comes with certain terms of credit, which affect the cost of asset of sale for the buyer as well as the seller. Consider this case: Purple Turtle Group buys on terms of 3/10, net 30 from its chief supplier. If Purple Turtle receives an invoice for $856.75, what would be the true price of this invoice? $1,163.47 $1,038.81 $706.39 $831.05 The nominal annual cost of the trade credit extended by the supplier is (Note: Assume there are 365 days in a year.) The effective annual rate of interest on trade credit is Suppose Purple Turtle does not take advantage of the discount and then chooses to pay its supplier late-so that on average, Purple Turtle will pay its supplier on the 35th day after the sale. As a result, Purple Turtle can decrease its nominal cost of trade credit by % by paying late.
