After noting that it's receivables turnover ratio had declined, imperative company decided for the first time in the company's history to sell $470,000 of receivables to a factoring company. The factor charges a factoring fee of 3 perfect of the receivables sold.

1. How much cash does imperative receive on the sale?

2. Calculate the favoring fee.

M Chapter 8 HW Part 2 x value 0.52 points 5 Evaluating the Effect of Factoring on the Receivables Turnover Ratio an After noting that its receivables turnover ratio had declined, Imperative Company decided for the first time in the company's history to sell $470,000 of receivables to a factoring company. The factor charges a factoring fee of 3 percent of the receivables sold. 1. How much cash does Imperative rceive on the sale? 2. Calculate the factoring fee