On April 4, 2021, LASTNATOBEYBE, Inc. sold goods on account to a customer for P1,000,000, terms were 2/10, n/30. The company factored the accounts receivable on April 4 to a financial institution on April 14, 2021. The factor charged 8% and withheld 15% of the receivables factored. How much is the proceeds from factoring?

On April 4, 2021, LASTNATOBEYBE, Inc. sold goods on account to a customer for P1,000,000, terms were 2/10, n/30. The company factored the accounts receivable on April 4 to a financial institution on April 14, 2021. The factor charged 8% and withheld 15% of the receivables factored. How much is the proceeds from factoring?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EA: Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning...

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