Question
Cassidy Corporation obtained a $45,000 note receivable from a customer on June 30, 2016. The note, along with interest at 4%, is due on June
| Cassidy Corporation obtained a $45,000 note receivable from a customer on June 30, 2016. The note, along with interest at 4%, is due on June 30, 2017. On September 30, 2016, Cassidy discounted the note at BOL bank. The bank's discount rate is 8%. What amount of cash did Cassidy receive from BOL Bank? |
A: $43,992
B: $41,400
C: $42,192
D: $45,450
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Accounting For Non-Accounting Students
Authors: John R. Dyson, Ellie Franklin
9th Edition
978-1292128979, 1292128976
