AUDITING+ASSURANCE SERVICES-CONNECT >I<
AUDITING+ASSURANCE SERVICES-CONNECT >I<
8th Edition
ISBN: 9781265005405
Author: LOUWERS
Publisher: INTER MCG
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Chapter 10, Problem 18RC
To determine

Identify the misstatements that can appear in financial statements of a company due to non-monitoring of notes payable for due dates and interest payment dates.

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Sterra Ltd. buys on credit terms of 3/10, net 50, and it always pays on the 50th day. The CFO reports that the company carries an average of $462,000 in costly trade credit. What is Sterra’s average accounts payable balance? Assume a 365-day year.
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Accounts Receivable and Accounts Payable; Author: The Finance Storyteller;https://www.youtube.com/watch?v=x_aUWbQa878;License: Standard Youtube License