Question
On March 1, Alex company issued a $460,000, non-interest bearing (discounted) 90 day no to James bank for short term borrowing. The prevailing market rate
On March 1, Alex company issued a $460,000, non-interest bearing (discounted) 90 day no to James bank for short term borrowing. The prevailing market rate was 6%. Assume each month has 30 days in each year has 360 days. How much cash did James receive from Alex bank on March 1?
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Fundamentals of Cost Accounting
Authors: William Lanen, Shannon Anderson, Michael Maher
4th edition
78025524, 978-0078025525
