Depends on the banks policy. My bank is pretty good, and with my opt in overdraft protection, there are no incurred fees.
        
             
        
        
        
Answer:
16.22%
Explanation:
3/15, net 45 means that if Newsome pays within 15 days, it will get discount of 3%, otherwise it can pay within 45 days in full.
Nominal annual percentage cost of  non-free trade credit based on 365 days can be calculated using the below formula:
Discount %/(100%-Discount %)*(365/(Actual credit days – Discount days))
In this case
Discount%=2%
Actual credit days=60
Discount period=15
Cost of non- free credit=2%/(100%-2%)*(365/(60-15)
                                        =2%/98%*(365/45)
                                        =0.02*8.11
                                        =16.22%
 
        
             
        
        
        
Answer:
$434
Explanation:
Net sales                     = $2,910
-Cost of goods sold    = $1,560 (Working)
=Gross profit                = $1350
-Operating expenses  = $730
=Profit before Tax        = $620
-Tax 30%                      = $186
=Net Profit/Net Income= $434
<u>Working</u>
Cost of goods sold = Cost of goods available for sale - Closing Inventory if LIFO is elected
Cost of goods sold = 2,430 - 870 = 1560
 
        
                    
             
        
        
        
Businesses good but very hard.