On April 4, 2021, LASTNATOBEYBE, Inc. sold goods on account to a customer for P1,000,000, terms were 2/10, n/30. The company factored the accounts receivable on April 4 to a financial institution on April 14, 2021. The factor charged 8% and withheld 15% of the receivables factored. How much is the proceeds from factoring?

On April 4, 2021, LASTNATOBEYBE, Inc. sold goods on account to a customer for P1,000,000, terms were 2/10, n/30. The company factored the accounts receivable on April 4 to a financial institution on April 14, 2021. The factor charged 8% and withheld 15% of the receivables factored. How much is the proceeds from factoring?

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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