Question
On September 1, 2015, Excellent Company received an $80,000,12%, 120-day note from a credit customer wishing to extend its repayment period. On October 1, 2015,
On September 1, 2015, Excellent Company received an $80,000,12%, 120-day note from a credit customer wishing to extend its repayment period. On October 1, 2015, thirty days after the note was received, Excellent discounted the note at the bank at 14%. How much cash did Excellent Company receive from the bank?
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Maturity value of the note Principal Inter...
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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
17th edition
007802577X, 978-0078025778
