Solution-Problem - Proceeds from Notes Payable

Problem - Proceeds from Notes Payable

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Reference no: EM132682290

Problem - Proceeds from Notes Payable

On February 1, Tectronic Co. issued a 60-day note with a face amount of $120,000 to Tokai Warehouse Co. for cash.

Required -

a. Determine the proceeds of the note, assuming the note carries an interest rate of 9%.

b. Determine the proceeds of the note, assuming the note is discounted at 9%.

Reference no: EM132682290

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Problem - Proceeds from Notes Payable

Reference no: EM132682290

Reference no: EM132682290

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