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, 2024, and the principal and interest are due at maturity. For each situation, determine the proceeds received from the bank on discounting the note. Note: Do not round Intermediate calculations. Round your final answers to the nearest whole dollar. Note 1 2 3 4 5 6 Note Face Value Date of Note 3/31/2024 70,000 3/31/2024 70,000 3/31/2024 96,000 6/30/2024 96,000 6/30/2024 96.000 6/30/2024 $ 70,000 Date Discounted 8% 6/30/2024 8% 9/30/2024 8% 9/30/2024 5% 10/31/2024 5% 10/31/2024 5% 11/30/2024 Interest Rate Discount Rate 10% 10% 12% 10% 12% 10% Proceeds Received
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, 2024, and the principal and interest are due at maturity. For each situation, determine the proceeds received from the bank on discounting the note. Note: Do not round Intermediate calculations. Round your final answers to the nearest whole dollar. Note 1 2 3 4 5 6 Note Face Value Date of Note 3/31/2024 70,000 3/31/2024 70,000 3/31/2024 96,000 6/30/2024 96,000 6/30/2024 96.000 6/30/2024 $ 70,000 Date Discounted 8% 6/30/2024 8% 9/30/2024 8% 9/30/2024 5% 10/31/2024 5% 10/31/2024 5% 11/30/2024 Interest Rate Discount Rate 10% 10% 12% 10% 12% 10% Proceeds Received
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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narubhai
Transcribed Image Text: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, 2024, and the principal and interest are due at maturity. For each situation, determine the proceeds
received from the bank on discounting the note.
Note: Do not round Intermediate calculations. Round your final answers to the nearest whole dollar.
Note
1
2
3
4
5
6
Note Face
Value
Date of Note
S 70,000 3/31/2024
70,000 3/31/2024
70,000 3/31/2024
95,000 6/30/2024
95,000 6/30/2024
96,000 6/30/2024
Interest
Rate
Date
Discounted
8% 6/30/2024
8% 9/30/2024
8% 9/30/2024
5% 10/31/2024
5% 10/31/2024
5% 11/30/2024
Discount
Rate
10%
10%
12%
10%
12%
10%
Proceeds
Received
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