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elena-14-01-66 [18.8K]
2 years ago
13

Bramble Corp. factors $7200000 of its accounts receivables with recourse for a finance charge of 5%. The finance company retains

an amount equal to 9% of the accounts receivable for possible adjustments. Bramble estimates the fair value of the recourse liability at $249000. What would be recorded as a gain (loss) on the transfer of receivables
Business
1 answer:
saul85 [17]2 years ago
5 0

Answer:

See below

Explanation:

Given the above information, first we'll compute net proceeds

Cash received $7,200,000 × 86%

$6,192,000

Add:

Due from factors $7,200,000 × 9%

$648,000

Less;

Recourse obligation

($5,000)

Net proceeds

$6,835,000

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