Question
32. On September 1, 2006, Thele Company received an $70,000, 12%, 120-day note from a credit customer wishing to extend its repayment period. On October
32. On September 1, 2006, Thele Company received an $70,000, 12%, 120-day note from a credit customer wishing to extend its repayment period. On October 1, 2006, thirty days after the note was received, Thele discounted the note at the bank at 13%. How much cash did Thele Company receive from the bank?
| a. | $72,800 |
| b. | $70,434 |
| c. | $72,100 |
| d. | $79,317 |
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Accounting Business Reporting For Decision Making
Authors: Jacqueline Birt, Keryn Chalmers, Suzanne Maloney, Albie Brooks, Judy Oliver, David Bond
7th Edition
0730369323, 9780730369325
