Question

Robinson’s, an electrical supply company, sold $7,400 of
equipment to Jim Coates Wiring, Inc. Coates signed a promissory
note May 12 with 4.6% interest. The due date was August 10. Short
of funds, Robinson’s contacted Capital One Bank on July 20; the
bank agreed to take over the note at a 6.3% discount. (Use Days in
a year table.)

What proceeds will Robinson’s receive? **(Use 360 days a
year. Do not round intermediate calculations. Round your final
answer to the nearest cent.)**

Answer #1

Solution:-

**To Calculate
Proceeds will Robinson's Recieve-**

**Total Days-**

May = 31 days - 12 days = 19 days

June = 30 days

July = 31 days

August = 10 days

Total Days = 19 days + 30 days + 31 days + 10 days

**Total Days = 90 days**

**Interest on Loan =
**

**Interest on Loan = $85.10**

Total Due = $7,400 + $85.10

**Total Due = $7,485.10**

If Discount applies to whole amount, For the whole time.

Discount =

**Discount = $471.56**

Amount recieved = $7,485.10 - $471.56

**Amount recieved = $7,013.54**

If you have any query related to question then feel free to ask me in a comment.Thanks.

Robinson’s, an electrical supply company, sold $7,400 of
equipment to Jim Coates Wiring, Inc. Coates signed a promissory
note May 12 with 4.6% interest. The due date was August 10. Short
of funds, Robinson’s contacted Capital One Bank on July 20; the
bank agreed to take over the note at a 6.3% discount. (Use Days in
a year table.)
What proceeds will Robinson’s receive? (Use 360 days a
year. Do not round intermediate calculations. Round your final
answer to the...

Bill Blank signed an $8,690 note at Citizen’s Bank. Citizen’s
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b. Find the effective rate charged by the bank.
(Use 360 days a year. Do not round intermediate
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Use the ordinary interest method, 360 days, to solve the
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Required information
[The following information applies to the questions
displayed below.]
Tyrell Co. entered into the following transactions involving
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Year 1
Apr.
20
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19
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8
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Required information
Problem 9-1A Short-term notes payable transactions and entries
LO P1
[The following information applies to the questions
displayed below.]
Tyrell Co. entered into the following transactions involving
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Year 1
Apr.
20
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n/30.
May
19
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Background
ABC Retailers Inc. (ABC or the “Company”) is a U.S. public
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