Question
Proceeds from Notes Payable On September 1, Vibrant Salon Company issued a 30-day note with a face amount of $92,400 to Hotlocks Hair Products Company
Proceeds from Notes Payable
On September 1, Vibrant Salon Company issued a 30-day note with a face amount of $92,400 to Hotlocks Hair Products Company for merchandise inventory. Assume a 360-day year.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%. $
b. Determine the proceeds of the note, assuming the note is discounted at 6%. $
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Forensic And Investigative Accounting
Authors: Crumbley D. Larry, Fenton Edmund D., Jr. Smith G. Stevenson
9th Edition
0808053221, 9780808053224
