Akbar Associates issued 120-day note for $50,000 to a creditor on a account. The notewas discounted at 6%. Assuming a 360-day year:a. What cash proceeds would Akbar receive from the note?b. How much would Akbar repay the creditor at the note's maturity? =

Cash Proceeds from Notes Receivable = Present Value of Notes

Answered: Akbar Associates issued 120-day note…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 2P

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Similar questions

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Akbar Associates issued 120-day note for $50,000 to a creditor on a account. The note was discounted at 6%. Assuming a 360-day year: a. What cash proceeds would Akbar receive from the note? b. How much would Akbar repay the creditor at the note's maturity?