URCESQuestion 2 Emilio and Rend Santos own Concord Corporation. From its inception, Concord Corporation has sold merchandise on either a cash or credit basis, but no credit cards have been accepted. During the past several months, the Santos have begun to question their credit-sales policies. First, they have lost some sales because of their refusal to accept credit cards. Second, representatives of two metropolitan banks have convinced them to accept their national credit cards. One bank, Business National Bank, has stated that (1) its credit card fee is 4% and (2) it pays the retailer 96 cents on each S1 of sales within 3 days of receiving the credit card biling. The Santos decide that they should determine the cost of carrying their own credit sales. From the accounting records of the past 3 years, they accumulate these data: 2017 2016 2015 $527,000 $574,000 $430,000 2.5601,610 4,200 Net credit sales 3,010 4,200 Collection agency fees for slow-paying customers Salary of part-time accounts receivable clerk 4,200 Credit and collection expenses as percentag@ of net credit sales are as follows: uncollectible accounts 1.6%, billing and mailing costs 0.5%, and credit investigation fee on new customers o.29. Emilio and Ren also determine that the average accounts receivable balance outstanding during tho year is S% of net credit sales. Th. Santos estimat, that they eould earn an average of 10% annually on cash invested in other business opportunities. Answer the following Prepare a tabulation for each year showing total credit and collection expenses in dollars and as a percentage of net credit sales. (Round percentage answers to 1 decimal place, e.g. 15.296) 2017 2016 2015 Net credit sales Credit and collection expenses Collection agency fees