Question: 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

give me solution step by step

give me solution step by step On September 1,
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

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock 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

Students Have Also Explored These Related Accounting Questions!

Q:

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...

Q:

Page > of 11 - ZOOM + Class Notes and Classwork Chapter 10 - Liabilities: Current, Installment Notes and Contingencies Current Liabilities Current Liabilities = Obligations that will be paid or...

Q:

I've attached the question as a word file, thanks! JWCL165_c10_444-505.qxd 8/12/09 7:24 AM Page 444 10 Liabilities Chapter STUDY OBJECTIVES After studying this chapter, you should be able to: 1...

Q:

I've attached the question as a word file, thanks! JWCL165_c10_444-505.qxd 8/12/09 7:24 AM Page 444 10 Liabilities Chapter STUDY OBJECTIVES After studying this chapter, you should be able to: 1...

Q:

Please read the attachment chapters and answer the following questions with at least 50 words. Depreciation discussion What are the various methods of determining depreciation and amortization...

Q:

Book these from the perspective of the buyer and the seller: Apr 19 Spoke Co. sold $80,000 in Merchandise to Bryden Co. on account, n/30 (Cost of Goods Sold was $50,000 )...

Q:

Hi, I have an Assignment for my Finance Subject. I have attached the necessary documentation here for you to view including the Lecture slides of all the Topics covered for this assignment. Please...

Q:

Hi , I have done all the journals and entires in general ledgers as well as subsidiary (subsidairy is matching . problem is in unadjusted trial balance which is not matching please help where my...

Q:

Hi , I have done all the journals and entires in general ledgers as well as subsidiary (subsidairy is matching . problem is in unadjusted trial balance which is not matching please help where my...

Q:

Please answer all of the following questions. Chapter 4 questions Question 1 The Accounting Cycle - How do the different steps affect the financial statements? What is the effect on the financial...

Q:

You are looking ahead to starting a business after graduation. A colleague recommended that the two of you begin developing a plan now to determine how funds will be obtained to launch the business...

Q:

Write partial fraction decomposition for f(x) = 2-3 (*-5)(x+5)2 (Without evaluating the constants) f(x) (x-5) (x+5) None of these f) = - (x-5) (*+5)

Q:

*E2.23 (LO 8) (Partial Worksheet Preparation) Letterman AG prepares monthly financial statements from a worksheet. Selected portions of the January worksheet showed the following data. Insert Page...

Q:

Eddie Industries issues $886,000 of 8% bonds at 103. The amount of cash received from the sale is a.$886,000 b.$912,580 c.$859,420 d.$956,880