Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturity date of the note is December 31, 2021, and the principal and interest are due at maturity. For each, determine the proceeds received from the bank on discounting the note. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) Note Face Value Interest Rate Date Discounted Discount Rate Proceeds Received Note Date of Note $ 56,000 3/31/2021 56,000 3/31/2021 56,000 3/31/2021 120,000 6/30/2021 120,000 6/30/2021 10% 10% 8% 6/30/2021 8% 9/30/2021 8% 9/30/2021 5% 10/31/2021 5% 10/31/2021 15% 10% 5 15% 6 120,000 6/30/2021 5% 11/30/2021 10% 4.
Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturity date of the note is December 31, 2021, and the principal and interest are due at maturity. For each, determine the proceeds received from the bank on discounting the note. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) Note Face Value Interest Rate Date Discounted Discount Rate Proceeds Received Note Date of Note $ 56,000 3/31/2021 56,000 3/31/2021 56,000 3/31/2021 120,000 6/30/2021 120,000 6/30/2021 10% 10% 8% 6/30/2021 8% 9/30/2021 8% 9/30/2021 5% 10/31/2021 5% 10/31/2021 15% 10% 5 15% 6 120,000 6/30/2021 5% 11/30/2021 10% 4.
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 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....
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