A wholesaler sells on terms of 1/15, net 45. Gross sales last year were $6,935,000, and accounts

Question:

A wholesaler sells on terms of 1/15, net 45. Gross sales last year were $6,935,000, and averaged $665,000. Half of its customers paid on the 15th day and took discounts. What are the nominal and effective costs of trade credit to the wholesaler's non-discount customers? Accounts Receivable
Accounts 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...