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Computing the Proceeds from the Sale of Notes Receivable Below are several customer notes receivable...

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Accounting

Computing the Proceeds from the Sale of Notes Receivable

Below are several customer notes receivable that were sold without recourse.

  1. An $7,000, 60-day, non-interest-bearing note sold after 15 days at 12%.
  2. A $10,000, 12%, 60-day note sold after 30 days at 14%.
  3. A $4,000, 10%, 90-day note sold after 30 days at 12%.
  4. A $18,000, 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.) Do not round intermediate calculations. When required, round your final answers to the nearest dollar. If an amount is zero, enter "0".

Note 1 Note 2 Note 3 Note 4
Face Value of Note $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4
Interest to Maturity fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8
Maturity Value $fill in the blank 9 $fill in the blank 10 $fill in the blank 11 $fill in the blank 12
Discount fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16
Proceeds $fill in the blank 17 $fill in the blank 18 $fill in the blank 19 $fill in the blank 20

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