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 3/31/2024 50,000 3/31/2024 80,000 6/30/2024 80,000 6/30/2024 80,000 6/30/2024 50,000 50,000 Interest Rate Date Discounted 8% 6/30/2024 8% 9/30/2024 8% 9/30/2024 6% 10/31/2024 6% 10/31/2024 6% 11/30/2024 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 3/31/2024 50,000 3/31/2024 80,000 6/30/2024 80,000 6/30/2024 80,000 6/30/2024 50,000 50,000 Interest Rate Date Discounted 8% 6/30/2024 8% 9/30/2024 8% 9/30/2024 6% 10/31/2024 6% 10/31/2024 6% 11/30/2024 Discount Rate 10% 10% 12% 10% 12% 10% Proceeds Received

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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