What is the effective annual rate of the discount

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Reference no: EM132033601

1. A corporation prepares a statement of cash flows using the indirect method of preparation. There is also the direct method. Between the two methods, which does IAS and FASB prefer? Why do they prefer that method over the other?

2. A supplier grants your firm credit terms of 2/20, net 55. What is the effective annual rate of the discount if the firm purchases $1,400 worth of merchandise?

Reference no: EM132033601

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