1. An $8,000, 12%, 60-day, non-interest-bearing note discounted after 15 days at 12% 2. A $9,000, 12%, 60-day, note discounted after 30 days at 14%. 3. A $6,000, 10%, 90-day, note discounted after 30 days at 12%. 4. A $10,000, 129%, 120-day, note discounted after 45 days at 15%. Required Determine the Proceeds from each of the preceding discounted customer notes.

1. An $8,000, 12%, 60-day, non-interest-bearing note discounted after 15 days at 12% 2. A $9,000, 12%, 60-day, note discounted after 30 days at 14%. 3. A $6,000, 10%, 90-day, note discounted after 30 days at 12%. 4. A $10,000, 129%, 120-day, note discounted after 45 days at 15%. Required Determine the Proceeds from each of the preceding discounted customer notes.

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 18E: Computing the Proceeds from the Sale of Notes Receivable Below are several customer notes receivable...

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Problem: (Computing the Proceeds from Discounted Notes) Determine the proceeds from each of the following discounted customer notes: a. An P8,000, 60-day, non-interest-bearing note discounted after 15 days at 12% b. A P12,000, 12% 60 day note discounted after 30 days at 14% c. A P6,000, 10% 90-day note discounted after 30 days at 12% d. A P10,000, 12% 120-day note discounted after 45 days at 15%. Please answer the questions above with correct solution and answer. Thank you.
Problem: (Computing the Proceeds from Discounted Notes) Determine the proceeds from each of the following discounted customer notes: 1. An P8,000, 60-day, non-interest-bearing note discounted after 15 days at 12% 2. A P12,000, 12% 60 day note discounted after 30 days at 14% 3. A P6,000, 10% 90-day note discounted after 30 days at 12% 4. A P10,000, 12% 120-day note discounted after 45 days at 15%.