Question: stuck on this question. help needed. ----------------------------------------- ----------------------------------------- A promissory note has a face value of $3500 its issue date is Oct 25 with an

stuck on this question. help needed.

-----------------------------------------

A promissory note has a face value of $3500 its issue date is Oct 25 with an interest rate of 10%. the note is for 120 days and was sold on Dec 14th. it has a discount rate of 8%. calculate the proceeds from this note.

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 Finance Questions!

University Canada West wants to invest in a New Post Graduate Program. The Project under consideration costs $27 Million, has a 9 (eight) years life, and has no salvage value. Depreciation is...

Question 18 Hogan Company has $1,000,000 of bonds outstanding. The unamortized premium is $14,400. If the company redeemed the bonds at 101, what would be the gain or loss on the redemption? $10,000...

A PDF version of this assignment is attached.I'll also put it in the Assignments folder in Files.As usual, you'll answer the questions in the online version.That version will be available for you to...

All Questions. 1. Cost Price $38.40 Markup $7.90 % Markup on Cost ? Selling Price ? Find the Markup on Cost & The Selling Price 2. A company sold an outdoor lighting set for $125.72. The markup on...

If someone could help me answer these question for some I got a few correct and for the others, I was absolutely stuck and not sure how to get the correct answer. Would be greatly appreciated for the...

Can't figure out how to calculate FIFO and LIFO for exercise 8-20 on page 15. Problem 3-1 (Part Level Submission) Listed below are the transactions of Yasunari Kawabata, D.D.S., for the month of...

I need help with question 4 and 5 University of Maryland University College Final Examination Acct310: Intermediate Accounting I For this exam, omit all general journal entry explanations. Ensure to...

The questions are attached with this post, please take a look at it and let me know if your gonna help me. I have already done it. just want to make sure i get a good grade. Thank you! University of...

Section D Sources of Finance 25 Marks Question 4 Study the following scenario and answer the question that follows: Edgo Ltd The managers of Edgo Ltd, a clothing retailer with fifty stores throughout...

Principal (P) Rate (r) Time (t) Interest (I) a. $24,520 9 % p.a. 292 days ? b. ? 5 % p.a. 26 months $1,591.97 c. $10,800 ? % p.a. 1.25 years $1,653.75 d. $800 9 % p.a. ? _______ months $90.00 2) A...

please help Question 1 12 pts Problem # 1: (Worth 12 %) Notes Receivable - SHOW ALL YOUR WORK! On December 31, 20X4, Kay Company sold land that had an original cost of $420,000. In exchange, they...

On May 31, George, a U.S. investor, decided to buy three-month Treasury bills. He found that the per-annum interest rate on three-month Treasury bills is 7.00% in New York and 9.00% in Tokyo. Based...

Nikita Ltd is a family-owned clothes manufacturer based in Kabwe district. For a number of years, the chairman and managing director was Nikita Kabwe. During her period of office, sales revenue had...

Conner, Inc., a retailer, accepts payment through credit cards. During August, credit card sales amounted to $170,000. The processor charges a 2% fee. What is the correct journal entry or entries for...

A company issues 1,050 shares of its common stock for $33,600 cash. Prepare journal entries to record this event under each of the following separate situations.