On December 1, 2014, Laramie Company received a $10,000, 60-day, 6% note from a customer. On December 31, 2014, the company discounted the note at the bank. The bank's discount rate is 9%. What were the proceeds that Barnes received from the discounting of the note? (a) $9,700.00 (b) $10,050.00 (c) $9,924.25 (d) $10.024.25

On December 1, 2014, Laramie Company received a $10,000, 60-day, 6% note from a customer. On December 31, 2014, the company discounted the note at the bank. The bank's discount rate is 9%. What were the proceeds that Barnes received from the discounting of the note? (a) $9,700.00 (b) $10,050.00 (c) $9,924.25 (d) $10.024.25

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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