Math

posted by .

Hafers, an electrical supply company, sold \$3,800 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 4.00% interest. The due date was August 18. Short of funds, Hafers contacted Charter One Bank on July 12; the bank agreed to take over the note at a 5.40% discount.
What are the proceeds?

Similar Questions

1. Promissory notes

On May 12, Scott Rinse accepted an 8000.00, 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 10%. What proceeds will Hafers Receive?
2. Promissory notes

Hafers, an electrical supply company, sold 4800.00 of equipment to Jim Coates Wing, INC Coates signed a promissory note May 12 with 4.5% intrest. The due date was August 10. Short of funds, Hafers contacted Charter One Bank on July …
3. Accounting

The Suns bought a reconditioned DC 3. They paid 1 million in cash and signed a promissory note with no stated interest rate for 3.96 million due and payable after 12 months, but renegotiable on June 30, 2009. Under similar circumstances …

Word Problem 11-17 Hafers, an electrical supply company, sold \$3,100 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 5.50% interest. The due date was August 22. Short of funds, Hafers contacted Charter …

Hafers, an electrical supply company, sold \$4,800, 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 10%. What proceeds does Scott receive?

Hafers, an electrical supply company, sold \$4,800, 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 10%. What is the Maturity Value (MV).
7. Accounting

Journalize the following transactions for Tammy Company: Sept. 1 Sold \$3,500 of merchandise to Jim on account Oct. 1 Exchanged Jim’s account receivable for a fourmonth, 8% note for \$3,500 Dec. 31 Recorded accrued interest on Jim’s …