Joseph Upholstery's aging of accounts receivable is as follows: 0-90 days $150,000 91 days and over 64,000 Joseph needs $80,000 to purchase upholstery fabric at an exhibition next month. Ace Factoring has offered to purchase Joseph's accounts receivable without recourse for  A 5% factor's fee  15% reserve on the 0-90 days receivables  20% reserve on the 91 days and over receivables Assume Joseph sells all of the receivables over 91 days to Ace Factoring. Approximately how much of the remaining receivables would Joseph have to sell to receive $80,000? 

$32,000 

$33,883 

$40,000 

$33,684

Answer rating: 100% (QA)

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