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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.

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.

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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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.
Transcribed Image Text: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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