Ming Company factors without recourse $6,000,000 of its accounts receivable for a finance charge of 6%....
Ming Company factors without recourse $6,000,000 of its accounts receivable for a finance charge of 6%. The finance company retains an amount equal to 8% of the accounts receivable for possible adjustments. What amount of cash would Ming receive as a result of this initial transaction?
A. $5,520,000
B. $5,160,000
C. $5,640,000
D. $6,000,000
Homework Answers
| Total Accounts receivables | $6,000,000.00 |
| Less: Finance Charge | 360000 |
| Retains the amount 8% | 480000 |
| cash receivables | $5,160,000.00 |
Here $6000,000*8% retained amount = $480000.
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