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The notes receivable held by the Tuttle Company on August 3, 20X1, are summarized below. On August 4, 20X1, Tuttle discounted all of these notes at Community Bank and Trust at a discount rate of 10 percent. Note No. 31 32 33 Date Apr. 4, 20X1 June 11, 20X1 July 31, 20X1 Face Amount $47,000 14,100 10,800 Period 6 months. Net Proceeds Analyze 120 days 60 days Required: Compute the net proceeds received from discounting each note. Interest Rate 9% 6% 10% Analyze: What is the net interest income or expense to be reported from these transactions assuming all notes are paid when due? Complete this question by entering your answers in the tabs below. Net Proceeds Compute the net proceeds received from discounting each note. (Use 360 days a year to compute the discount. Do not round intermediate calculations and round your final answers to 2 decimal places.)

The notes receivable held by the Tuttle Company on August 3, 20X1, are summarized below. On August 4, 20X1, Tuttle discounted all of these notes at Community Bank and Trust at a discount rate of 10 percent. Note No. 31 32 33 Date Apr. 4, 20X1 June 11, 20X1 July 31, 20X1 Face Amount $47,000 14,100 10,800 Period 6 months. Net Proceeds Analyze 120 days 60 days Required: Compute the net proceeds received from discounting each note. Interest Rate 9% 6% 10% Analyze: What is the net interest income or expense to be reported from these transactions assuming all notes are paid when due? Complete this question by entering your answers in the tabs below. Net Proceeds Compute the net proceeds received from discounting each note. (Use 360 days a year to compute the discount. Do not round intermediate calculations and round your final answers to 2 decimal places.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The notes receivable held by the Tuttle Company on August 3, 20X1, are summarized below. On August 4, 20X1, Tuttle discounted all of these notes at Community Bank and Trust at a discount rate of 10 percent. Note No. 31 32 33 Date Apr. 4, 20X1 June 11, 20X1 July 31, 20X1 Face Amount $47,000 14,100 10,800 Net Proceeds Period 6 months Analyze 120 days 60 days Interest Rate Required: Compute the net proceeds received from discounting each note. 9% 6% 10% Analyze: What is the net interest income or expense to be reported from these transactions assuming all notes are paid when due? Net Proceeds PUT Complete this question by entering your answers in the tabs below. Compute the net proceeds received from discounting each note. (Use 360 days a year to compute the discount. Do not round intermediate calculations and round your final answers to 2 decimal places.)
Transcribed Image Text:The notes receivable held by the Tuttle Company on August 3, 20X1, are summarized below. On August 4, 20X1, Tuttle discounted all of these notes at Community Bank and Trust at a discount rate of 10 percent. Note No. 31 32 33 Date Apr. 4, 20X1 June 11, 20X1 July 31, 20X1 Face Amount $47,000 14,100 10,800 Net Proceeds Period 6 months Analyze 120 days 60 days Interest Rate Required: Compute the net proceeds received from discounting each note. 9% 6% 10% Analyze: What is the net interest income or expense to be reported from these transactions assuming all notes are paid when due? Net Proceeds PUT Complete this question by entering your answers in the tabs below. Compute the net proceeds received from discounting each note. (Use 360 days a year to compute the discount. Do not round intermediate calculations and round your final answers to 2 decimal places.)
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