Business, 08.04.2020 02:07 angelblalock5885

On January 1, 2013, XYZ Inc. assigned $500,000 of their A/R to Finance, Inc. Finance agreed to pay XYZ 80% of its assigned A/R in cash, less a $10,000 service charge. Finance will also charge 12% interest on any outstanding balances. On the last day of each month, ABC remitted the cash collected from assigned accounts to Finance, Inc. At the end of January, XYZ collected $200,000 in assigned A/R and also had $10,000 in sales returns during the month. By the end of February, XYZ collected another $80,000 of assigned A/R less sales discounts taken in the amount of $2,500 during the month.

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On January 1, 2013, XYZ Inc. assigned $500,000 of their A/R to Finance, Inc. Finance agreed to pay X...

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