Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturity date of the note is December 31, 2021, and the principal and interest are due at maturity. For each, determine the proceeds received from the bank on discounting the note. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) Note Face Date Discount Rate Interest Proceeds Note Date of Note Value Rate Discounted Received 56,000 3/31/2021 56,000 3/31/2021 8% 6/30/2021 8% 9/30/2021 1 $ 10% 2 10% 3 56,000 3/31/2021 8% 9/30/2021 15% 120,000 6/30/2021 120,000 6/30/2021 120,000 6/30/2021 5% 10/31/2021 5% 10/31/2021 4 10% 5 15% 5% 11/30/2021 10%

Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturity date of the note is December 31, 2021, and the principal and interest are due at maturity. For each, determine the proceeds received from the bank on discounting the note. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) Note Face Date Discount Rate Interest Proceeds Note Date of Note Value Rate Discounted Received 56,000 3/31/2021 56,000 3/31/2021 8% 6/30/2021 8% 9/30/2021 1 $ 10% 2 10% 3 56,000 3/31/2021 8% 9/30/2021 15% 120,000 6/30/2021 120,000 6/30/2021 120,000 6/30/2021 5% 10/31/2021 5% 10/31/2021 4 10% 5 15% 5% 11/30/2021 10%

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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