Question: On September 1, Rongo Co. issued a 45-day note with a face amount of $80,000 to Simone Co. for merchandise inventory. a. Determine the proceeds

On September 1, Rongo Co. issued a 45-day note with a face amount of $80,000 to Simone Co. for merchandise inventory.

a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%.

b. Determine the proceeds of the note, assuming the note is discounted at 8%.


Step by Step Solution

★★★★★

3.24 Rating (179 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

a 80000 b ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

114-B-A-L (1667).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

A company issued 5%, 20-year bonds with a face amount of $100 million. The market yield for bonds of similar risk and maturity is 4%. Interest is paid semiannually. At what price did the bonds sell?

Q:

A U.S. Government bond with a face amount of $10,000 with 13 years to maturity is yielding 5.5%. What is the current selling price?

Q:

A $145,000 mortgage loan carries an interest rate of 5.2% compounded semiannually, a five-year term, and a 30-year amortization period. Payments will be made at the end of every month. a. Calculate...

Q:

give me solution step by step On September 1, Rongo Co. issued a 45-day note with a face amount of $80,000 to Simone Co. for merchandise inventory. a. Determine the proceeds of the note, assuming the...

Q:

HELP I HAVE A HOUR LEFT ON MY FINAL!!! Abbey Co sold merchandise to Gomez Co, on account, $20,300. terms 3/15net 30. The cost of the goods sold is 519,010. Abbey Coued a credit memo for $2,700 for...

Q:

On September 1, Klondike Co. issued a 90-day note with a face amount of \(\$ 120,000\) to Arctic Apparel Co. for merchandise inventory. a. Determine the proceeds of the note, assuming the note...

Q:

On September 1, Klondike Co. issued a 60-day note with a face amount of $100,000 to Arctic Apparel Co. for merchandise inventory. a. Determine the proceeds of the note, assuming the note carries an...

Q:

On September 1, Klondike Co. issued a 90-day note with a face amount of $120,000 to Arctic Apparel Co. for merchandise inventory. a. Determine the proceeds of the note, assuming the note carries an...

Q:

=+PE 11-1A Proceeds from notes payable obj. 1 EE 11-1 p. 488 On February 1, Electronic Warehouse Co. issued a 45-day note with a face amount of $80,000 to Yamura Products Co. for cash. a. Determine...

Q:

On November 1, Cats Co. issued a 60-day note with a face amount of $70,000 to Nip Co. for inventory. a. Determine the due date of the note. b. Determine the proceeds of the note, assuming the note...

Q:

Eventually, some of the people who've recently joined from P&G may be transferred to other positions within HR including working on HP's own internal information systems or working on programs for...

Q:

QUESTION: 1) CAREFULLY READ THE PROJECT BELOW AND FOLLOW THE POWERPOINT GUIDE ON PROJECT QUALITY MANAGEMENT 2) INPUT EVERY INFORMATION IN THE PROJECT BELOW INTO THIS FORMAT PROJECT INTRODUCTION...

Q:

Which of the following is not considered an attitude toward goals? Attitudes toward the consequences of trying but failing to achieve a goal Attitudes toward the thought process of developing goals...

Q:

2 How do you think the machine operators would react to the change?

Q:

Home Town Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $10,388. All sales are subject to a 6% sales tax. Compute sales taxes payable and...

Q:

Franklin University sells 3,500 season basketball tickets at $80 each for its 10-game home schedule. Give the entry to record (a) The sale of the season tickets and (b) The revenue earned by playing...

Q:

Cindy Neuers regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Cindy works 47 hours. Cindys federal income tax...

Q:

Find the Annual Recovery for Year 1 . Method = MACRS Purchased = Nov 0 5 Cost = 1 2 . 0 0 0 Recovery Class = 3 Annual Recovery for Year 1 =

Q:

Worthington Corporation has declared an annual dividend of $0.8 per share. For the year just ended, earnings were $8 per share. a. Worthington's payout ratio is ____________ percent. (Input answer as...

Q:

Given the following information, what is the variance of the returns on a portfolio that is invested 40 percent in both Stocks A and B, and 20 percent in Stock C? (probability of state occurring,...