Keats Company issued its own USD 10,000, 90-day, non- interest-bearing note to a bank. If the note is discounted at 10 percent, the proceeds to Keats are: a. USD 10,000. b. USD 9,000. c. USD 9,750. d. USD 10,250. e. None of the above.

Keats Company issued its own USD 10,000, 90-day, non- interest-bearing note to a bank. If the note is discounted at 10 percent, the proceeds to Keats are: a. USD 10,000. b. USD 9,000. c. USD 9,750. d. USD 10,250. e. None of the above.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....

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Keats Company issued its own USD 10,000, 90-day, non-
interest-bearing note to a bank. If the note is discounted at 10
percent, the proceeds to Keats are:
a. USD 10,000.
b. USD 9,000.
c. USD 9,750.
d. USD 10,250.
e. None of the above.

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