Question
On August 1, Batson Company issued a 60-day note with a face amount of $81,600 to Jergens Company for merchandise inventory. (Assume a 360-day year
On August 1, Batson Company issued a 60-day note with a face amount of $81,600 to Jergens Company for merchandise inventory. (Assume a 360-day year is used for interest calculations.)
a. Determine the proceeds of the note assuming the note carries an interest rate of 12%
b. Determine the proceeds of the note assuming the note is discounted at 12%.
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
9th Edition
978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475
