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guapka [62]
3 years ago
10

At the end of June, the Marquess Company factored $200,000 in accounts receivable with Homemark Finance. Homemark immediately re

mitted to Marquess cash equal to 90% of the factored amount. Factor will remit the excess to Marquess, an the remaining receivables has the estimated fair value of $15,000. The transfer is made without recourse. Homemark charges a fee of 3% of receivables factored. What amount of loss on sale of receivables would Marquess record in June?
a. $6,000.
b. $4.500.
c. $1,500.
d. $0.
Business
1 answer:
sladkih [1.3K]3 years ago
8 0

Answer:

a. $6,000

Explanation:

Calculation to determine What amount of loss on sale of receivables would Marquess record in June

Using this formula

Loss on sale of receivables=Accounts receivable factored *Fee percentage of receivables factored

Let plug in the formula

Loss on sale of receivables =$200,000 × 3%

Loss on sale of receivables = $6,000

Therefore the amount of loss on sale of receivables that Marquess would record in June is $6,000

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