Chang Co. issued a $45,750, 120-day, discounted note to Guarantee Bank. The discount rate is 11%. Assuming a 360-day year, the cash proceeds to Chang Co. are Select the correct answer. $50,783 $46,169 $44,073 $45,750

Chang Co. issued a $45,750, 120-day, discounted note to Guarantee Bank. The discount rate is 11%. Assuming a 360-day year, the cash proceeds to Chang Co. are Select the correct answer. $50,783 $46,169 $44,073 $45,750

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual...

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Question

Chang Co. issued a $45,750, 120-day, discounted note to Guarantee Bank. The discount rate is 11%. Assuming a 360-day year, the cash proceeds to Chang Co. are

Select the correct answer.

$50,783

$46,169

$44,073

$45,750

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