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On April 15, Summit Industries signed a 90-day, 8% note payable with a face value of $12,500. What is the maturity value of the note on July 14?

On April 15, Summit Industries signed a 90-day, 8% note payable with a face value of $12,500. What is the maturity value of the note on July 14?

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...
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On April 15, Summit Industries signed a 90-day, 8% note payable with a face value of $12,500. What is the maturity value of the note on July 14?
Transcribed Image Text:On April 15, Summit Industries signed a 90-day, 8% note payable with a face value of $12,500. What is the maturity value of the note on July 14?
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