Coronado Industries assigned $ 1606000 of accounts receivable to Sandhill Co. as security for a...
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Coronado Industries assigned $ 1606000 of accounts receivable to Sandhill Co. as security for a loan of $ 1353000. Sandhill charged a 1% commission on the amount of the loan; the interest rate on the note was 9%. During the first month, Coronado collected $ 414000 on assigned accounts after deducting $ 1510 of discounts. Coronado accepted returns worth $ 5300 and wrote off assigned accounts totaling $ 11950. The amount of cash Coronado received from Sandhill at the time of the assignment was $ 1339470. O $ 1336940. $ 1231230. O $ 1353000
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