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Determine the proceeds from each of the following discounted customer notes: 1. An P8,000, 60-day, non-interest-bearing note discounted after 15 days at 12% 2. A P12,000, 12% 60 day note discounted after 30 days at 14% 3. A P6,000, 10% 90-day note discounted after 30 days at 12% 4. A P10,000, 12% 120-day note discounted after 45 days at 15%.

Determine the proceeds from each of the following discounted customer notes: 1. An P8,000, 60-day, non-interest-bearing note discounted after 15 days at 12% 2. A P12,000, 12% 60 day note discounted after 30 days at 14% 3. A P6,000, 10% 90-day note discounted after 30 days at 12% 4. A P10,000, 12% 120-day note discounted after 45 days at 15%.

FINANCIAL ACCOUNTING
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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Problem: (Computing the Proceeds from Discounted Notes)

Determine the proceeds from each of the following discounted customer notes:

1. An P8,000, 60-day, non-interest-bearing note discounted after 15 days at 12%

2. A P12,000, 12% 60 day note discounted after 30 days at 14%

3. A P6,000, 10% 90-day note discounted after 30 days at 12%

4. A P10,000, 12% 120-day note discounted after 45 days at 15%.

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