On May 12, Scott Rinse accepted an $9,500, 11%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 10%. (Use Days in a year table.) What proceeds does Scott receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Proceeds received

On May 12, Scott Rinse accepted an $9,500, 11%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 10%. (Use Days in a year table.) What proceeds does Scott receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Proceeds received

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

See similar textbooks

Similar questions

On May 12, Scott Rinse accepted an $11,000, 14%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 13%. (Use Days in a year table.) What proceeds does Scott receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.) Proceeds received
On May 12, Scott Rinse accepted an $4,500, 11%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 10%. What proceeds does Scott receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.
On May 12, Scott Rinse accepted an $12,000, 12%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 11%. (Use Days in a year table.) What proceeds does Scott receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.
Ron Prentice bought goods from Shelly Katz. On April 8, Shelly gave Ron a time extension on his bill by accepting a $2,520, 10%, 190- day note. On July 14, Shelly discounted the note at Roseville Bank at 10%. (Use Days in a year table.) What proceeds does Shelly Katz receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. Proceeds received
Ron Prentice bought goods from Shelly Katz. On Aug. 15, Shelly gave Ron a time extension on his bill by accepting a $3,200, 9%, 165-day note. On Nov. 2, Shelly discounted the note at Roseville Bank at 8%. (Use Days in a year table.) What proceeds does Shelly Katz receive? (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Proceeds received
Ron Prentice bought goods from Shelly Katz. On Feb. 26, Shelly gave Ron a time extension on his bill by accepting a $4,800, 6%, 155- day note. On May 18, Shelly discounted the note at Roseville Bank at 11%. (Use Days in a year table.) What proceeds does Shelly Katz receive? (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Proceeds received
Ron Prentice bought goods from Shelly Katz. On Feb. 26, Shelly gave Ron a time extension on his bill by accepting a $4,400, 6%, 165- day note. On May 10, Shelly discounted the note at Roseville Bank at 10%. (Use Days in a year table.) What proceeds does Shelly Katz receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. Proceeds received
Ron Prentice bought goods from Shelly Katz. On Sept. 14, Shelly gave Ron a time extension on his bill by accepting a $4,360, 6%, 150-day note. On Dec. 18, Shelly discounted the note at Roseville Bank at 7%. (Use Days in a year table.) What proceeds does Shelly Katz receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.
ron prentice bought goods from shelly katz. on may 8, shelly gave ron a time extension on his bill by accepting a $3,000, 8%, 180-day note. on august 16, shelly discounted the note at roseville bank at 9%. (use days in a year table.) what proceeds does shelly katz receive? (use 360 days a year. do not round intermediate calculations. round your answer to the nearest cent.): Proceeds received: ??
On August 2, Jun Co. receives a $6,100, 90-day, 12.5% note from customer Ryan Albany as payment on his $6,100 account receivable. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Do not round intermediate calculations. Round your answers to nearest whole dollar value. Use 360 days a year.)
On July 14, Gracie Paul accepted a $60,000, 6%, 160-day note from Mike Lang. On November 12, Gracie discounted the note at Lend Bank at a 7% rate. (a) What are Gracie’s proceeds, and (b) How much does Mike Lang pay and to who?
Ron Prentice bought goods from Shelly Katz. On April 5, Shelly gave Ron a time extension on his bill by accepting a $3,200, 9%, 155- day note. On July 9, Shelly discounted the note at Roseville Bank at 11%. (Use Days in a year table.) What proceeds does Shelly Katz receive? (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Proceeds received %24