Chapter 07 Exercise 80 LO 7-5, 7-7 (IDEA Required) Use the information related to ELM's payment and discount policy (details can be found in the "Elm Manufacturing Company Information" file below) to analyze the company's discount program and late payments. All dates for payments are based off the date the customer is invoiced Required: Using the information above, complete all of the related steps shown below using IDEA. After completing each step, answer each question by supplying the required information (Enter your answers exactly as they appear in IDEA. Dollar amounts should be entered to 2 decimal places.) a. Are there any companies that made their payments after the stated due date? How many companies, and what is the total dollar amount of the payments? (Hint: Each company has a two-day grace period beyond the stated due date.) b. Refer to ELM's discount policy. Are any companies receiving discounts when the invoice terms indicate they should never be eligible for discounts? What is the total dollar amount of the discounts taken by these companies? (Hint: This refers to the terms of the invoices, not whether these companies paid too late to receive discounts.) c. Refer to ELM's discount policy. Are there any companies receiving discount percentages greater than the amount accounting to the policy? d. Are any companies taking the discount even if they are not paying within the 10-day period? (Hint Each company has a two-day grace period beyond the stated discount period.) a Total number of companies that made a payment after the due date: Total dollar amount of late payments B. Total number of discounted payments made where the company should not ever quality for discounts Total dollar amount of discounts received by ineligible companies Total number of customers with discount percentages listed greater than the policy amount (whether or not the company has taken the discount yet) Total number of oversized discounts that have been taken by companies d. Total number of discounted payments made where the company paid after the discount period Total dollar amount of discounts taken despite payment after discount period 11 Noy