Chang Co. issued a $50,000, 120-day, discounted note to Guarantee Bank. The discount rate is 6%. Assuming a 360-day year, the cash proceeds to Chang Co. are: a) $49,000 b) $49,750 c) $51,000 d) $47,000
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- On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.Chang Co. issued a $59,741, 120-day, discounted note to Guarantee Bank. The discount rate is 8%. Assuming a 360-day year, the cash proceeds to Chang Co. are:Chang Co. issued a $51,600, 120-day, discounted note to Guarantee Bank. The discount rate is 10%. Assuming a 360-day year, the cash proceeds to Chang Co. are ______ .Round your answer to the nearest whole dollar. a.$51,600 b.$56,760 c.$49,880 d.$52,030
- Chang Co. issued a $45,750, 120-day, discounted note to Guarantee Bank. The discount rate is 11%. Assuming a 360-day year, the cash proceeds to Chang Co. are Select the correct answer. $50,783 $46,169 $44,073 $45,750On April 1, Year 1, Halo Co. issued a $5,000 face value discount note to the Capri Bank. The note had a 12 percent discount rate and a one-year term. 8. The amount of cash Halo received on April 1, Year 1, was a. $5,000. b. $4,250. c. $4,400. d. $5,500. 9. The total carrying value of Halo’s liabilities on December 31, Year 1, would be a. $5,600. b. $5,000. c. $5,450. d. $4,850. 10. If Halo Co. earned $2,000 of revenue in Year 1, the amount of net income would be a. $2,000. b. $1,550. c. $1,400. d. $1,850.Assuming a 360-day year, proceeds of $48,750 were received from discounting a $50,000, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was a.10.00% b.9.75% c.10.26% d.6.25%
- Assuming a 360-day year, proceeds of $45,552 were received from discounting a $46,830, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was а. 12.16% b. 12.67% C. 8.92% Od. 10.92%Assuming a 360-day year, proceeds of $52,258 were received from discounting a $52,919, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was Oa. 3% Ob. 6% Oc. 5% Od. 7%Rakesh
- Assuming a 360-day year, proceeds of $47,444 were received from discounting a $48,147, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was a. 7.59% Ob. 7.08% Oc. 5.84% Od. 3.84%BBY Company loaned $66,116 to Orwell, Inc, accepting Orwell's 2-year, $80,000, zero-interest-bearing note. The implied interest rate is 10%. Prepare BBY's journal entries for the initial transaction, recognition of interest each year, and the collection of $80,000 at maturity. Debit - Notes Receivable $80,000 Credit - Credit - Cash Debit - Credit - Debit - Credit - Interest Revenue 6.026 DEC 16 618 10LISA Corp. received from MIK Corp. a one-year, $375,000 note bearing annual interest of 8%. After holding the note for six months, LISA Corp. discounted the note at PNB at an effective interest rate of 10%. How much is the net cash proceeds from discounting the note? a. $375,000 b. $364,500 c. $384,750 d. $405,000