Question
33 Tim's Toys obtained a $50,000 note receivable from a customer on June 30, 2021. The note, along with interest at 6%, is due on
33
Tim's Toys obtained a $50,000 note receivable from a customer on June 30, 2021. The note, along with interest at 6%, is due on June 30, 2022. On September 30, 2021, Tim's Toys discounted the note at Cloverdale bank. The bank's discount rate is 10%. What amount of cash did Tim's Toys receive from Cloverdale Bank?
Multiple Choice
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$49,025.
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$46,025.
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$50,750.
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$45,000.
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Payroll Accounting
Authors: Bernard J. Bieg, Judith A. Toland
2013 edition
113396253X, 978-1133962533
