Question
Blair Finance factors the accounts of the Holder Company. All eight factored accounts are shown in the following table, with the amount factored, the date
Blair Finance factors the accounts of the Holder Company. All eight factored accounts are shown in the following table, with the amount factored, the date due, and the status on May 30. Indicate the amounts that Blair should have remitted to Holder as of May 30 and the dates of those remittances. Assume that the factor's commission of 2% is deducted as part of determining the amount of the remittance. As of May 30, what amount should Blair have remitted for Account A and on what date should remittance have occurred?
Account | Amount | Date due | Status on May 30 | |
A | $400,000 | May 30 | Collected May 20 | |
B | $190,875 | May 30 | Uncollected | |
C | $210,122 | May 30 | Uncollected | |
D | $164,245 | June 14 | Collected May 30 | |
E | $259,624 | May 30 | Collected May 21 | |
F | $372,436 | June 15 | Collected May 30 | |
G | $188,676 | May 10 | Uncollected | |
H | $74,266 | June 23 | Collected May |
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