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 ExpenseElite 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.?Give me answer please
- 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?Assuming a 360-day year, proceeds of $47,000 were received from discounting a $47,910, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was a.9.35% b.7.60% c.5.6% d.8.84%Assuming a 360-day year, the interest charged by the bank, at the rate of 12%, on a 90-day, discounted note payable of $106,824 is:
- On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $42,000. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 7%. $4 b. Determine the proceeds of the note, assuming the note is discounted at 7%.On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of \( \$ 44, 400 \). Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of \(8\% \). b. Determine the proceeds of the note, assuming the note is discounted at \(8\% \),A company factored $100,000 of accounts receivables. The factor discounted the receivables for 9% for the one year planned to take to collect the receivables. Using an annual interest rate of 9%, the present value of the receivables is $100,000 x 0.917 = $91,700. How much cash should the company expect to receive? $91,700 $91,000 $100,000 $108,300