Howe Industries sells on terms of 2/10, net 40. Gross sales last year were $4.5 million, and
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Howe Industries sells on terms of 2/10, net 40. Gross sales last year were $4.5 million, and accounts receivable averaged $437,500. Half of Howe’s customers paid on Day 10 and took discounts. What is the cost of trade-credit to Howe’s non-discount customers?
Accounts ReceivableAccounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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Discount sales 0512500 6250 AR attributable to discount custo...View the full answer
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Related Book For 
Essentials of Managerial Finance
ISBN: 978-0324422702
14th edition
Authors: Scott Besley, Eugene F. Brigham
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