Grunewald industries sells on terms of 310 net 60 gross, Ask an Expert

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Grunewald Industries sells on terms of 3/10, net 60. Gross sales last year were $4,608,500 and accounts receivable averaged $420,000. Half of Grunewald's customers paid on the 10th day and took discounts. What are the nominal and effective costs of trade credit to Grunewald's nondiscount customers? (Hint: Calculate daily sales based on a 365-day year, calculate the average receivables for discount customers, and then find the DSO for the nondiscount customers.) Do not round intermediate calculations. Round your answers to two decimal places.

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Financial Management, Finance

Category:- Financial Management
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