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1-3 Computing the proceeds from the sale of Notes Receivable Below are several customer notes receivable that were sold without recourse. 1. An $7,000, 60-day,
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Computing the proceeds from the sale of Notes Receivable Below are several customer notes receivable that were sold without recourse. 1. An $7,000, 60-day, non-interest-bearing note sold after 15 days at 12%. 2. A $10,000, 12%, 60-day note sold after 30 days at 14%. 3. A $6,000, 10%, 90-day note sold after 30 days at 12%. 4. A $14,000, 12%, 120-day note sold after 45 days at 15%. Required: Determine the proceeds from each of the preceding sales of customer notes receivable. (Assume a 360-day year.) Do not round intermediate calculations. When required, round your final answers to the nearest dollar. If an amount is zero, enter "O". Note 1 Face Value of Note Interest to Maturity Maturity Value Discount Note 2 Note 3 Note 4 Proceeds Step by Step Solution
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