On September 1, Rongo Co. issued a 45-day note with a face amount of $80,000 to Simone

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On September 1, Rongo Co. issued a 45-day note with a face amount of $80,000 to Simone Co. for merchandise inventory.

a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%.

b. Determine the proceeds of the note, assuming the note is discounted at 8%.

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Financial Accounting

ISBN: 978-1133952428

12th Edition

Authors: Warren, Reeve, Duchac

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Question Posted: May 07, 2012 06:22 AM

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On September 1, Rongo Co. issued a 45-day note with a face amount of $80,000 to Simone

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Financial Accounting

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