A $6000, 10%, 90-day note discounted after 30 days at 12%.
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Computing the Proceeds from the Sale of Notes Receivable Below are several customer notes receivable that were sold without recourse. 1. An $8,000, 60-day, non-interest-bearing note sold after 15 days at 12% 2. A $9,000, 12%, 60-day note sold after 30 days at 14% 3. A $6,000, 10%, 90-day note sold after 30 days at 12% 4. A $10,000, 12%, 120-day note sold after 45 days at 15% Note 1 Note 2 Note 3 Note 4 Face value Interest to...
Use ordinary interest: Principal $70,000 Rate of Interest: 11% Time: 90 days Maturity Value: A Date note made Mar 10 Date note discounted: April 15 discount period: B proceeds: C note to be discounted at 10%
Required:a. Determine the proceeds of the note, assuming the note carries an interest rate of 10%.$b. Determine the proceeds of the note, assuming the note is discounted at 10%.
Proceeds from notes payable On September 1, elegant Salon company issued a 90-day note with a face amount of $78,000 to Hamlet Hair Products Company for merchandise inventory. Assume a 360 day year. Determine the proceeds of the note, assuming the note carries an interest rate of 9%. $______________ Determine the proceeds of the note, assuming the note is discounted at 9%. $_________________
After being held for 30 days, a 90-day 15% interest bearing note receivable was discounted at M & T Bank at 18%. The proceeds received from the bank upon discounting would be the: a) Maturity value less the discount at 18%. b) Maturity value plus the discount at 18%. c) Face value less the discount at 18%. d) Face value plus the discount at 18%.
Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturity date of the note is December 31, 2018, and the principal and interest are due at maturity. For each, determine the proceeds received from the bank on discounting the note. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) Note Date of Note Discount Rate 12% Proceeds Received 12% Note Face Value 60,000 60,000 60,000...
Proceeds from Notes Payable On September 1, Nova Salon Company issued a 60-day note with a face amount of $38,400 to Motlocks Hair Products Company for merchandise inventory. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 10% b. Determine the proceeds of the note, assuming the note is discounted at 10%
A 60-day, 9% discounted note for $26,400 is received from a customer on account on May 1. What are the proceeds from the note on May 1? Select the correct answer. $396 $26,400 $26,004 $26,796
eBook Show Me How Calculator Print Item Proceeds from Notes Payable On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of $150,000. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 10%. b. Determine the proceeds of the note, assuming the note is discounted at 10%.
Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a financial services company. (All notes are dated as of the day they are received.) Assume 360 days in a year Mar. 8. Received a $78,000,7%, 60-day note on account. 31. Received a $22,800, 10%, 90-day note on account. May 7. Received $78,910 on note of March 8. 16. Received a $68,400, 99, 90-day note on account. June 11. Received a $42,000, 12%, 30-day note...