Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Factoring Blair Finance factors the accounts of the Holder Company. All eight factored accounts are shown in the following table, with the amount factored, the
Factoring 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? (Round to the nearest dollar and select from the drop-down menus.) Date remitted Month Date Amount remitted Data Table - X 0 (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) 0 Account Amount Date due Status on May 30 $100,000 May 30 Collected May 18 $48,340 May 30 Uncollected $55,510 May 30 Uncollected $35,835 June 11 Collected May 30 $64,746 May 30 Collected May 20 $93,589 June 15 Collected May 30 $46,537 May 19 Uncollected $13,379 June 22 Collected May 30 Account D 0 DDDDD 0 I Tm 0 IOTMOOD Amount $100,000 $48,340 $55,510 $35,835 $64,746 $93,589 $46,537 $13,379 Date due Status on May 30 May 30 Collected May 18 May 30 Uncollected May 30 Uncollected June 11 Collected May 30 May 30 Collected May 20 June 15 Collected May 30 May 19 Uncollected June 22 Collected May 30 Factoring 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? (Round to the nearest dollar and select from the drop-down menus.) Date remitted Month Date Amount remitted Data Table - X 0 (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) 0 Account Amount Date due Status on May 30 $100,000 May 30 Collected May 18 $48,340 May 30 Uncollected $55,510 May 30 Uncollected $35,835 June 11 Collected May 30 $64,746 May 30 Collected May 20 $93,589 June 15 Collected May 30 $46,537 May 19 Uncollected $13,379 June 22 Collected May 30 Account D 0 DDDDD 0 I Tm 0 IOTMOOD Amount $100,000 $48,340 $55,510 $35,835 $64,746 $93,589 $46,537 $13,379 Date due Status on May 30 May 30 Collected May 18 May 30 Uncollected May 30 Uncollected June 11 Collected May 30 May 30 Collected May 20 June 15 Collected May 30 May 19 Uncollected June 22 Collected May 30
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started