12. A 90-day, 15% interest-bearing note receivable is sold to a bank with recourse after being held for 60 days. The proceeds are calculated using a 12% interest rate. The amount credited to notes receivable at the date of the discounting transactions would be a. The same as the cash proceeds b. Less than the face value of the note c. The face value of the note d. The maturity value of the note 13. When accounts receivable are set aside as collateral for a loan, and the borrower continues to collect the receivables and applied the collections against the loan, the receivables have been a. Pledged b. Assigned c. Factored d. Discounted

12. A 90-day, 15% interest-bearing note receivable is sold to a bank with recourse after being held for 60 days. The proceeds are calculated using a 12% interest rate. The amount credited to notes receivable at the date of the discounting transactions would be a. The same as the cash proceeds b. Less than the face value of the note c. The face value of the note d. The maturity value of the note 13. When accounts receivable are set aside as collateral for a loan, and the borrower continues to collect the receivables and applied the collections against the loan, the receivables have been a. Pledged b. Assigned c. Factored d. Discounted

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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