Find the Maturity Date and Proceeds

question 84

Multiple Choice

Find the maturity date and proceeds. Round to the nearest cent.
-Face value: $28,223 Discount rate: 11.5%
Date made: April 29
Time: 90 days
Maturity date: Proceeds:

• A)Maturity date: July 29 Proceeds: $27,422.70
• B)Maturity date: July 29 Proceeds: $27,411.59
• C)Maturity date: July 28 Proceeds: $27,411.59
• D)Maturity date: July 28 Proceeds: $27,422.70

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Definitions:

Account Receivable

Money owed to a company by its clients or customers for goods and services provided on credit.

Disclosure Note

Supplementary information provided in financial statements offering additional context or explanation about the figures presented, enhancing transparency.

Contingent Liability

A potential financial obligation that may arise in the future depending on the outcome of a specific event.

Reasonably Possible

A term used in accounting and law to indicate that a future event or condition has a chance of occurring.