On March 15, 2024, Thompson Corporation received a $15,000, 90-day, 8% note from a customer. On April 30, 2024, the company discounted the note at First National Bank. The bank's discount rate is 10%. What were the proceeds that Thompson received from discounting the note? (a) $15,000.00 (b) $15,108.75 (c) $15,300.00 (d) $14,808.75

On March 15, 2024, Thompson Corporation received a $15,000, 90-day, 8% note from a customer. On April 30, 2024, the company discounted the note at First National Bank. The bank's discount rate is 10%. What were the proceeds that Thompson received from discounting the note? (a) $15,000.00 (b) $15,108.75 (c) $15,300.00 (d) $14,808.75

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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