Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. summer love inc. factors $600,000 of her accounts

Summer Love Inc. factors $600,000 of her accounts receivables with recourse for a finance charge...

50.1K

Verified Solution

Question

Accounting

Summer Love Inc. factors $600,000 of her accounts receivables with recourse for a finance charge of 1%. There is an estimated 2% of the accounts receivable for possible sales discounts and 1% for possible bad debt. What would Summer Love Inc. collect in cash the day that the accounts receivables are factored?

A.$600,000

B.$594,000

C.$576,000

D.$495,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Part A How many milliliters of 0.135  M  HCl are needed to completely neutralize 46.0 mL of 0.101  M  Ba(OH)2 solution? Part B How many...

Chemistry
Q

Following the social-conflict approach, what are the problems with the U.S. educational system? Consider quality of...

Psychology
Q

In most cases, local managerial approaches must be modified for doing business overseas. What are three...

General Management
Q

A survey was conducted in which 125 families were asked how many cats lived in their...

Basic Math
Q

Question 29 of 60 Question ID Advertising apartments for rent must be done carefully to...

Algebra
Q

Write the equation of the function graphed below 9 2 5 y x 1 2...

Algebra
Q

How do I edit a question I need to edit my previous one?

Accounting
Q

Show Me HowPrint Item Question Content Area Statement of Cash Flows The comparative...

Accounting
Q

Wildhorse, Inc. produces three models of home security systems. Information on the three products is...

Accounting
Q

X Your answer is incorrect Assuming that the perpetual inventory method is used and costs...

Accounting
Q

4. Modified internal rate of return (MIRR) The IRR evaluation method assumes that cash flows...

Finance
Q

You combine N risky assets to form an optimal risky asset and achieve a Sharpe...

Finance