Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

NVIVO Trail Corporation transferred $59,000 of accounts receivable to local bank. The transfer was made without recourte. The local bank remis 80% of the factored

image text in transcribed
NVIVO Trail Corporation transferred $59,000 of accounts receivable to local bank. The transfer was made without recourte. The local bank remis 80% of the factored amount to Trel and retain the remaining 20%. When the bank collects the receivables, it will remit to Trell the retained amountless a fee equal to of the total amount factored. Trell estimates a value of its 20interest in the receivables of $12.500 not including the foo). Tre will show an amount receivable from factor of $10.730 $10,030. $12.500 $11.800

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cornerstones Of Financial Accounting

Authors: Bertrand Piccard, Jay Rich, Jeff Jones, Maryanne Mowen, Don Hansen, Nick Jones

1st Edition

0324657730, 9780324657739

More Books

Students also viewed these Finance questions