EX.06.144 On April 7, Wilhelm, Inc. sold goods for $50,000 and accepted a 10%, 60-day note. On April 22, the company sold the note to a bank at a 13% discount rate. Required: Compute the amount of interest revenue and the loss on sale of the note. Assume a 360-day year. Round your answers to two decimal places. Interest revenue $ Loss on sale of note $
EX.06.144 On April 7, Wilhelm, Inc. sold goods for $50,000 and accepted a 10%, 60-day note. On April 22, the company sold the note to a bank at a 13% discount rate. Required: Compute the amount of interest revenue and the loss on sale of the note. Assume a 360-day year. Round your answers to two decimal places. Interest revenue $ Loss on sale of note $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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EX.06.144
On April 7, Wilhelm, Inc. sold goods for $50,000 and accepted a 10%, 60-day note. On April 22, the company sold the note to a bank at a 13% discount rate.
Required:
Compute the amount of interest revenue and the loss on sale of the note. Assume a 360-day year. Round your answers to two decimal places.
| Interest revenue | $ |
| Loss on sale of note | $ |
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