Answered: using 360 days in a year, how much cash…

Business

Accounting

using 360 days in a year, how much cash did thunder company receive from the bank?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

on september 1 thunder company received an p80,000, 12%, 120-day note from a credit customer wishing to extend its repayment period. on october 2, 2020, thirty days after the note was received, thunder discounted the note at the bank at 14%. using 360 days in a year, how much cash did thunder company receive from the bank?

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