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32. St. Jago Textiles decides to sell $800,140 of its accounts receivable to Premiere Factors...

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32. St. Jago Textiles decides to sell $800,140 of its accounts receivable to Premiere Factors Inc. who assesses a service charge of 3% of the amount of receivables sold. What is the cash amount Premier Factor Inc. will pay St. Jago Textiles? a. $777,354 b. $776,136 c. $797,114 d. $780,178 33. FOB Destination means the buyer pays the freight 34. Which of the following should NOT be included in the physical inventory of a company Goods held on consignment from another company Goods shipped on consignment to another company Goods in transit from another company shipped FOB shipping point None of the answer choices are correct a. b. c. d. 35. Which Internal Control procedure requires management to establish policies and procedures to reduce the occurrence of fraud a. Risk assessment b. Control Activities c. Monitoring d. A Control Environment ACCOUNTING 101 SPRING 2018 PAGE |6

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