Question: Answer and explanation Assigned Problem 1 Assigned Problem 2 NAME PROBLEM SET 7 Chapter 15 - Revenue Cycle and Current Accounts Manager Assigned Problem 2

Answer and explanation

Assigned Problem 1 Assigned Problem 2 NAME PROBLEM SET 7 Chapter 15 - Revenue Cycle and Current Accounts Manager Assigned Problem 2 Suppose one of the suppliers to Seattle Health System offers terms of 320, net 8. a. When does the system have to pay its bills from this supplier? b. What is the approximate percentage cost of the costly trade credit offered by this supplier? (Assume 360 days per year.) ANSWER Discount percent Days credit received Days of free trade credit Periodic cost of trade credit Number of discount periods per year Approximate % cost

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