Big Bang Company accepted a P400,000 face value, six-month, 10% note dated May 15 from a customer. On that same date, Big Bang discounted the note at East Bank at a 12% discount rate. How much cash should Big Bang receive from the bank on May 15?
Big Bang Company accepted a P400,000 face value, six-month, 10% note dated May 15 from a customer. On that same date, Big Bang discounted the note at East Bank at a 12% discount rate. How much cash should Big Bang receive from the bank on May 15?
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 26Q: A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer...
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13.Big Bang Company accepted a P400,000 face value, six-month, 10% note dated May 15 from a customer. On that same date, Big Bang discounted the note at East Bank at a 12% discount rate.
How much cash should Big Bang receive from the bank on May 15?
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