Answered: Lark Industries issued a $50,000,…

Lark Industries issued a $50,000, 90-day, discounted note to Horizon Bank. The discount rate is 9%. Assuming a 360-day year, the cash proceeds to Lark Industries are

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 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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Lark Industries issued a $50,000, 90-day, discounted
note to Horizon Bank. The discount rate is 9%.
Assuming a 360-day year, the cash proceeds to Lark
Industries are

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