On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of $300,000. Assume 360 days in a year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%.
On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of $300,000. Assume 360 days in a year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter17: Accounting For Notes And Interest
Section: Chapter Questions
Problem 1CE
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On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of $300,000. Assume 360 days in a year.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%.
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