On May 20, Sheffield Company discounted at Sunshine Bank a $7,290 (maturity value), 139-day note dated Feb. 20. Sunshine’s discount rate was 8%. (Use Days in a year table.) What proceeds did Sheffield Company receive? (Use 360 days a year. Do not round intermediate calculations.) Proceeds received :?
Discount = Maturity Value x R x T = $7290 * 0.08 * 139/360 = $225.18
Proceeds = Maturity Value - D = $7290 - $225.17 = $7064.82
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On May 20, Sheffield Company discounted at Sunshine Bank a $7,290 (maturity value), 139-day note ...
on August 15 Sheffield Company discounted at sunshine bank a $8,500 (maturity value), 130- day note dated May 13. Sunshine’s discount rate was 10%. (Use days in a year table) what proceeds did Sheffield Company receive? ( use 360 days a year. Do not round immediate calculations)
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Proceeds received
$
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