Question
Proceeds from Notes Payable On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $64,800.
Proceeds from Notes Payable
On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $64,800. Assume a 360-day year.
b. Determine the proceeds of the note, assuming the note is discounted at 6%.
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Introduction To Financial Accounting
Authors: Anne Marie Ward, Andrew Thomas
7th edition
77138449, 978-0077132682, 77132688, 978-0077138448
