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wolverine [178]
3 years ago
15

Scarbrough Corp. factored $600,000 of accounts receivable to Duff Corp. on October 1, year 2. Control was surrendered by Scarbro

ugh. Duff accepted the receivables subject to recourse for nonpayment. Duff assessed a fee of 3% and retains a holdback equal to 5% of the accounts receivable. In addition, Duff charged 15% interest computed on a weighted-average time to maturity of the receivables of fifty-four days. The fair value of the recourse obligation is $9,000. Scarbrough will receive and record cash of:___.
a. $556,685.b. $547,685.c. $538,685.d. $529,685.
Business
1 answer:
Illusion [34]3 years ago
5 0

Answer:

c.$538,685

Explanation:

Calculation to determine what Scarbrough will receive and record cash of

Receivables $600,000

Less: Amount of the hold back ($30,000)

($600,000 x 5%)

Less: Withheld as fee income ($18,000)

($600,000 x 3%)

Less: Withheld as interest expense ($13,315)

($600,000 × 15% × 54/365)

Cash $538,685

Therefore Scarbrough will receive and record cash of: $538,685

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When researching your perspective business, it’s most important that you know your product and your
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Answer:

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Explanation:

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Answer:

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