Computing the Proceeds from the Sale of Notes Receivable Below are several customer notes receivable that were sold without recourse.
Determine the proceeds from each of the preceding sales of customer notes receivable. (Assume a 360-day year.)
Calculate the preceding sales of customer notes receivable by assuming that there are 360 days in a year.
Calculate the preceding sales of customer notes receivable by assuming that there are 360 days in a year.
Particulars | Transaction 1 | Transaction 2 | Transaction 3 | Transaction 4 |
Face value of note | $8,000.00 | $9,000.00 | $6,000.00 | $10,000.00 |
Interest to maturity | $0.00 | (2) $180.00 | (4) $150.00 | (6) $400.00 |
Maturity value | Â $ 8,000.00 | Â $9,180.00 | Â $6,150.00 | Â $ 10,400.00 |
Discount | (1) Â $ (120.00) | Â (3) $(107.10) | Â (5) $ (123.00) | (7) Â $(325.00) |
Proceeds | Â $Â Â 7,880.00 | Â $Â 9,072.90 | Â $Â 6,027.00 | Â $ 10,075.00 |
(Table 1)
Working note:
(1) Calculate the discount value for the transaction 1:
(2) Calculate the interest on maturity for the transaction 2:
(3) Calculate the discount value for the transaction 2:
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