I want to correct answer general accounting question A $12,500 note is signed, for 120 days, at a discount rate of 8.5%.Find the proceeds.A) $12,150.75B) $11,672.60C) $12,500.00D) $11,685.27

Step 1: Calculate the discountThe formula for the discount is:Discount=Face Value×Discount Rate×Time…

Answered: A $12,500 note is signed, for 120 days,…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 2CE

See similar textbooks

Similar questions

Kindly help me with accounting questions
A 60-day, 5% note for $10,200, dated April 15, is received from a customer on account. The face value of the note is a.$510 b.$10,200 c.$10,710 d.$10,285
Need answer
Calculate the amount of interest to be charged on a $12,000, 8.5%, 90-day interest-bearing note.
What is maturity value of the note ?
A company issued a 60 day 11% note for $17,000. What is the principal amount of the note? Round your answer to the nearest dollar. A) $16,688 B) $17,000 C) $18,870 D) $17,312
The interest on a $ 21000, 6%, 60-day note receivable is (Use 360 days for calculation.) $ 210. $ 630. $ 420. $ 1260.
Select the correct answer and explain What is the discount to a promissory note with a face value of $ 27,350? Consider that it is negotiated with the 6.25% annual simple discount, five months before expiring. a. $ 701.25 b. $ 721.66 c. $ 680.00 d. $ 712.21
A 60-day, 12% note for $38,400, dated May 1, is received from a customer on account. The maturity value of the note is a.$39,168 b.$768 c.$43,008 d.$38,400
< Sunshine Service Center received a $40,000, 120-day, 6% note, dated April 12, from a customer on account. Assume 360 days per year. a. Determine the due date of the note. August 10 b. Determine the maturity value of the note. 120 c. Journalize the entry for the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 10 Cash Note Receivable Interest Revenue
Assuming a 360-day year, the interest charged by the bank, at the rate of 7%, on a 90-day, discounted note payable of $124,800 is ______ .Round your answer to the nearest whole dollar. a.$2,184 b.$8,736 c.$4,368 d.$124,800
You decide to discount a$5250, 345-day note at 3% to your bank at a discount rate of 4.5% on day 210. What are the proceeds?

SEE MORE QUESTIONS

Recommended textbooks for you

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

SEE MORE TEXTBOOKS

A $12,500 note is signed, for 120 days, at a discount rate of 8.5%. Find the proceeds. A) $12,150.75 B) $11,672.60 C) $12,500.00 D) $11,685.27