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Determine the proceeds from each of the preceding sales

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Reference no: EM132882196

Problem - Computing the Proceeds from the Sale of Notes Receivable - Below are several customer notes receivable that were sold without recourse.

1. An $8,000, 60-day, non-interest-bearing note sold after 15 days at 12%.

2. A $9,000, 12%, 60-day note sold after 30 days at 14%.

3. A $6,000, 10%, 90-day note sold after 30 days at 12%.

4. A $10,000, 12%, 120-day note sold after 45 days at 15%.

Required - Determine the proceeds from each of the preceding sales of customer notes receivable. (Assume a 360-day year.)

Reference no: EM132882196

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