Ron Prentice bought goods from Shelly Katz. On April 8, Shelly gave Ron a time extension on his bill by accepting a $2,520, 10%, 190 day note. On July 14, Shelly discounted the note at Roseville Bank at 10%. (Use Days in a year table.)
Ron Prentice bought goods from Shelly Katz. On April 8, Shelly gave Ron a time extension on his bill by accepting a $2,520, 10%, 190 day note. On July 14, Shelly discounted the note at Roseville Bank at 10%. (Use Days in a year table.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Ron Prentice bought goods from Shelly Katz. On April 8, Shelly gave Ron a time extension on his bill by accepting a $2,520, 10%, 190-
day note. On July 14, Shelly discounted the note at Roseville Bank at 10%. (Use Days in a year table.)
What proceeds does Shelly Katz receive?
Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.
Proceeds received](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6de3eb60-18aa-452c-b304-01b9876a58aa%2Fd26c89fe-45a0-4790-8c87-9d577e57e68b%2F13fsmqk_processed.png&w=3840&q=75)
Transcribed Image Text:Ron Prentice bought goods from Shelly Katz. On April 8, Shelly gave Ron a time extension on his bill by accepting a $2,520, 10%, 190-
day note. On July 14, Shelly discounted the note at Roseville Bank at 10%. (Use Days in a year table.)
What proceeds does Shelly Katz receive?
Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.
Proceeds received
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