Elite Corp. issued a $75,000, 90-day, discounted note to Trust Bank. The discount rate is 5%. Assuming a 360-day year, what are the cash proceeds received by Elite Corp.?
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- A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest ExpenseChang 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:Anderson Co. issued a $55,000, 60-day, discounted note to National Bank. The discount rate is 6%. At maturity, assuming a 360-day year, the borrower will pay?
- 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.$52,030Nelson Co. issued a $80,000, 90-day, discounted note to Community Bank. The discount rate is 5%. At maturity, assuming a 360-day year, the borrower will pay how much?Can you please answer the financial accounting question?
- Chang Co. issued a $54,691, 120-day, discounted note to Guarantee Bank. The discount rate is 10%. Assuming a 360-day year, the cash proceeds to Chang Co. are Select the correct answer. $55,147 $54,691 $52,868 $60,160Assuming a 360-day year, proceeds of $45,847 were received from discounting a $46,623, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was:Assuming a 360-day year, proceeds of $43,722 were received from discounting a $44,958, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was O a. 12.24% b. 11.00% c. 9% Od. 12.75%
- What is the interest charged by the bank on these financial accounting question?on september 1 thunder company received an p80,000, 12%, 120-day note from a credit customer wishing to extend its repayment period. on october 2, 2020, thirty days after the note was received, thunder discounted the note at the bank at 14%. using 360 days in a year, how much cash did thunder company receive from the bank?on september 1 excellent company received an p80,000, 12%, 120-day note from a credit customer wishing to extend its repayment period. on october 2, 2020, thirty days after the note was received, excellent discounted the note at the bank at 14%. using 360 days in a year, how much cash did thunder company receive from the bank?