Answered: determining the amount of the…

Business

Accounting

determining the amount of the remittance.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Factoring Blair Finance factors the accounts of the Holder Company. All eight factored accounts are shown in the following table, with the amount factored, the date due, and the status on May 30. Indicate the amounts that Blair should have remitted to Holder as of May 30 and the dates of those remittances. Assume that the factor’s commission of 2% is deducted as part of determining the amount of the remittance.

Account
ABCDEFGH
Amount
$200,000
90,000
110,000
85,000
120,000
180,000
90,000
30,000
Date due
May 30
May 30
May 30
June 15
May 30
June 15
May 15
June 30
Status on May 30
Collected May 15
Uncollected
Uncollected
Collected May 30
Collected May 27
Collected May 30
Uncollected
Collected May 30

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