1. An $8,000, 12%, 60-day, non-interest-bearing note discounted after 15 days at 12% 2. A $9,000, 12%, 60-day, note discounted after 30 days at 14%. 3. A $6,000, 10%, 90-day, note discounted after 30 days at 12%. 4. A $10,000, 129%, 120-day, note discounted after 45 days at 15%. Required Determine the Proceeds from each of the preceding discounted customer notes.
1. An $8,000, 12%, 60-day, non-interest-bearing note discounted after 15 days at 12% 2. A $9,000, 12%, 60-day, note discounted after 30 days at 14%. 3. A $6,000, 10%, 90-day, note discounted after 30 days at 12%. 4. A $10,000, 129%, 120-day, note discounted after 45 days at 15%. Required Determine the Proceeds from each of the preceding discounted customer notes.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 18E: Computing the Proceeds from the Sale of Notes Receivable Below are several customer notes receivable...
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![do 12 (Computing the Proceeds from Discounted Notes)
Below are several customer notes.
1. An $8,000, 12%, 60-day, non-interest-bearing note discounted after 15 days at 12%
2. A $9,000, 12%, 60-day, note discounted after 30 days at 14%.
3. A $6,000, 10%, 90-day, note discounted after 30 days at 12%.
4. A $10,000, 12%, 120-day, note discounted after 45 days at 15%.
Required
Determine the Proceeds from each of the preceding discounted customer notes.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9682e65f-f02e-4f99-a7bd-7642297f655f%2Fb9bcf773-21b9-4ba3-8278-168124f8e907%2Fgudwq2x_processed.jpeg&w=3840&q=75)
Transcribed Image Text:do 12 (Computing the Proceeds from Discounted Notes)
Below are several customer notes.
1. An $8,000, 12%, 60-day, non-interest-bearing note discounted after 15 days at 12%
2. A $9,000, 12%, 60-day, note discounted after 30 days at 14%.
3. A $6,000, 10%, 90-day, note discounted after 30 days at 12%.
4. A $10,000, 12%, 120-day, note discounted after 45 days at 15%.
Required
Determine the Proceeds from each of the preceding discounted customer notes.
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