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Probl Problem 8-15 (AICPA Adapted) Zeus C Brawny Company factored P8,000;000 of accounts receivable a finan to a finance entity at the beginning of the current year. Contrle was su was surrendered by Brawny Company. The factor assessed a fee of 5% and retained a holdback equal The fa recours to 10% of the accounts receivable. obligati In addition, the factor charged 15% interest computed on a weighted average time to maturity of the accounts receiva The fac to 5% 30 days. 1. What amount was initially received by Brawny Company In addi from the factoring? weighte of 54 da a. 6,701,370 b. 6,800,000 1. Wha C. 7,501,370 d. 6,700,000 fact 2. Assuming all accounts receivable are collected, what is the a. loss on factoring? 5 400,000 C . 5 498,630 d. 5 898,630 000,000. 98,630 060 008 2. If all the Problem 8-16 (IAA) Crater Company factored with recourse P2,000,000 of accounts a. 3 receivable with a bank. b. 18 The finance charge is 5% and 10% was retained to cover sales C. 43 discounts, sales returns and sales allowances. d. 6 The transaction met the condition to be considered as sa 3. If all but subject to recourse for nonpayment. The factor estimated the recourse obligation at P50,000. factor factoring? What total amount should be recognized initially as loss of a. 71 a. 200,000 b. 10 b. 100,000 C . C. 150,000 060,085 d. 41 d. 250,000 000,001 31 000.00 080 08 246eceivable Problem 8-17 (AICPA Adapted) ) 81 8 mold r. Control Zeus Company factored P6,000,000 of accounts receivable to a finance entity at the beginning of current year. Control ack equal was surrendered by Zeus Company. The factor accepted the accounts receivable subject to uted on a recourse for nonpayment. The fair value of the recourse ceivable of obligation is P100,000. The factor assessed a fee of 3% and retained a holdback equal Company to 5% of the accounts receivable. In addition, the factor charged 15% interest computed on a weighted average time to maturity of the accounts receivable of 54 days. 1. What is the amount of cash initially received from the factoring? what is the a. 5,296,850 b. 5,386,850 C. 5,476,850 d. 5,556,850 2. If all accounts are collected, what is the loss on factoring the accounts receivable? a. 313,150 600 09818 of accounts b. 180,000 1900 089.6 C. 433,150 d. 613,150 cover sales 3. If all accounts are not collected, what is the loss on red as sale factoring? r estimated 713, 150 b. 100,000 y as loss on C. 413,150 d. 313, 150 009:063 1000.008 090:080 247