Robinson's, an electrical supply company, sold $6,800 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 4.0% interest. The due date was August 10. Short of funds, Robinson's contacted Capital One Bank on July 20; the bank agreed to take over the note at a 5.7% discount. (Use Days inayear table) What proceeds will Robinson's receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.) Proceeds recelved

Robinson's, an electrical supply company, sold $6,800 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 4.0% interest. The due date was August 10. Short of funds, Robinson's contacted Capital One Bank on July 20; the bank agreed to take over the note at a 5.7% discount. (Use Days inayear table) What proceeds will Robinson's receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.) Proceeds recelved

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

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