On August 25, Sheffield Company discounted at Sunshine Bank a $9,400 (maturity value), 137-day note dated...

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On August 25, Sheffield Company discounted at Sunshine Bank a $9,400 (maturity value), 137-day note dated May 20. Sunshine's discount rate was 9%. (Use Days in a year table.) What proceeds did Sheffield Company receive? Note: Use 360 days a year. Do not round intermediate calculations. Proceeds received TABLE 7.1. Exact days-in-a-year calendar (excluding leap year) Day of month 31 January 28 February 31 March 1 60 2 61 62 63 64 65 66 67 68 69 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 lala 20 21 22 23 24 25 26 27 28 29 30 31 1 2 3 4 S 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 *Often referred to as a Julian calendar. 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 30 April 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 31 May 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 30 June 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 31 July 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 31 August 30 September 31 October 30 November 31 December 213 244 274 305 335 214 275 306 215 276 307 277 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 216 217 218. 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 245 246 247 248 249 250 251 252 253 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 323 324 325 326 327 328 329 330 331 332 333 334 336 337 265558898 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 On August 25, Sheffield Company discounted at Sunshine Bank a $9,400 (maturity value), 137-day note dated May 20. Sunshine's discount rate was 9%. (Use Days in a year table.) What proceeds did Sheffield Company receive? Note: Use 360 days a year. Do not round intermediate calculations. Proceeds received TABLE 7.1. Exact days-in-a-year calendar (excluding leap year) Day of month 31 January 28 February 31 March 1 60 2 61 62 63 64 65 66 67 68 69 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 lala 20 21 22 23 24 25 26 27 28 29 30 31 1 2 3 4 S 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 *Often referred to as a Julian calendar. 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 30 April 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 31 May 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 30 June 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 31 July 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 31 August 30 September 31 October 30 November 31 December 213 244 274 305 335 214 275 306 215 276 307 277 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 216 217 218. 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 245 246 247 248 249 250 251 252 253 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 323 324 325 326 327 328 329 330 331 332 333 334 336 337 265558898 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365

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137 day note was dated may 20 and discounted on August 25 So the due fo... View the full answer