Myint's Merchandise Co., a retailer of everyday kitchen supplies, buys $4.5 million of goods from their primary supplier on terms of "1/10, net 50". What is thecompany's nominal cost of trade credit? Assume a 365-day year. Give your answer as a percentage to 2 decimal places. Do not include the "%" sign in youranswer.

Name: Myint's Merchandise Co., a retailer of everyday kitchen supplies, buy
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Description: Myint's Merchandise Co., a retailer of everyday kitchen supplies, buys $4.5 million of goods from their primary supplier on terms of "1/10, net 50". What is thecompany's nominal cost of trade credit? Assume a 365-day year. Give your answer as a perc

Nominal cost of trade credit =[ Discount/(100- Discount)] × [365 days/(Days credit outstanding -…

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Myint's Merchandise Co., a retailer of everyday kitchen supplies, buys $4.5 million of goods from their primary supplier on terms of "1/10, net 50". WI company's nominal cost of trade credit? Assume a 365-day year. Give your answer as a percentage to 2 decimal places. Do not include the "%" sign

Myint's Merchandise Co., a retailer of everyday kitchen supplies, buys $4.5 million of goods from their primary supplier on terms of "1/10, net 50". WI company's nominal cost of trade credit? Assume a 365-day year. Give your answer as a percentage to 2 decimal places. Do not include the "%" sign

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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