On June 1, Year 13, the Barnes Corp. factored $100,000 of its accounts receivable without...
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Accounting
On June 1, Year 13, the Barnes Corp. factored $100,000 of its accounts receivable without recourse to the Rohn Corp. Rohn Corp. retained 15% of the accounts receivable as an allowance for sales returns and charged a 5% commission on the gross amount of factored receivables. How much cash did Barnes Corp. receive from factoring the receivables?
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