I. Assume there are two competitor firms, ABC and XYZ. ABC had no credit losses last year, but 2% of XYZ's accounts receivable proved to be uncollectible and resulted in losses. Should XYZ fire its credit manager and hire ABC's? Defend your response. (2pts) 2. Indicate by a), or (0) whether each of the following events would probably cause A/R, sales, and profits to increase, decrease, or be affected in an indeterminate manner. Also provide an explanation for each event and the affects. (7pts) AR Sales Profit a. The fim tightens its credit standards The terms of trade are changed from 2/10, net 30, to 3/10, net 30. The terms are changed from 2/10 net 30, to 3/10, net 40. The credit manager gets tough with past-due accounts b. c. d