Question
Sparks, an electrical supply company, sold $4,800 of equipment to BMX Wiring, Inc. BMX signed a promissory note on May 12 with 4.5% interest. The
Sparks, an electrical supply company, sold $4,800 of equipment to BMX Wiring, Inc. BMX signed a promissory note on May 12 with 4.5% interest. The due date was August 10. Short of funds, Sparks contacted Charter One Bank on July 20; the bank agreed to take over the note at a 6.5% discount.
What proceeds will Sparks receive?
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Implementing And Auditing The Internal Control System
Authors: D. Chorafas
2001edition
0333929365, 978-0333929360
