Home /
Expert Answers /
Accounting /
on-september-1-elegant-salon-company-issued-a-60-day-note-with-a-face-amount-of-56-400-to-osborne-pa472
(Solved): On September 1, Elegant Salon Company issued a 60-day note with a face amount of $56,400 to Osborne ...
On September 1, Elegant Salon Company issued a 60-day note with a face amount of
$56,400to Osborne Hair Products Company for merchandise inventory. Assume a 360 -day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of
8%.
$b. Determine the proceeds of the note, assuming the note is discounted at
8%.
$