P15–6 Early payment discount decisions  Prairie Manufacturing has four possible suppliers, all of which offer different credit terms. Except for the differences in credit terms, their products and services are virtually identical. The credit terms offered by these suppliers are shown in the following table. (Note: Assume a 365-day year.) Supplier Credit terms J 1/5 net 30 EOM K 2/20 net 80 EOM L 1/15 net 60 EOM M 3/10 net 90 EOM Calculate the approximate

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QUESTION 3 Chip N. Dale Lumber Company is not taking advantage of the trade discount offered by its suppliers, which stipulates a discount of 1% for payments made within 17 days of the invoice date, or payment of the full invoice amount 40 days after the invoice date. What annualized interest rate, expressed as an APR (i.e., not compounded), is Chip N. Dale implicitly paying by not taking the discount for early payment? Assume the year has 360 days. Write the answer as a percentage with 2 decimals; e.g., 23.45% (but don't write the % sign!). (Acceptable error = 0.50)

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Problem 11-4A (Algo) Estimating warranty expense and liability LO P4 [The following information applies to the questions displayed below.] On October 29, Lobo Company began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $13 and its retail selling price is $80. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred. November 11 Sold 80 razors for $6,400 cash. November 30 Recognized warranty expense related to November sales with an adjusting entry. December 9 Replaced 16 razors that were returned under the warranty. December 16 Sold 240 razors for $19,200 cash. December 29 Replaced 32 razors that were returned under the warranty. December 31 Recognized warranty expense related to December sales with an adjusting entry. January 5 Sold 160 razors for $12,800 cash.…

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