On February 1 , 2 0 2 3 , Cullumber Corp.factored receivables with a carrying amount of$

Fantastic news! We've Found the answer you've been seeking!

Question:

On February

1, 2023,

Cullumber Corp.factored receivables with a carrying amount of$

320000

to Pharoah lnc

.

Pharoah assessed a fnance charge of

3 %

of the receivables andretained

5 %

of the receivables. Assume that Cullumber factors the receivables on a withrecourse basis. The recourse obligation has a fair value of $

1280 .

What is the value of theholdback that would be Due from Factor?

Posted Date: May 16, 2024 02:00 AM

See More Questions

=xy' also satisfy y' (1+3xy). Let y-fix) be a dx 9. Solutions to the differential equation. particular solution to this differential equation with f(1) = 2. denr (a) Write an equation for the line...
Please discuss the importance of remote access controls, focusing on Remote Desktop Protocol (RDP) and Secure Shell (SSH) protocols. What are the main security considerations when enabling remote...
On February 1, 2017, Strawberry Corp. factored receivables with a carrying amount of $250,000 to Shortcake Inc. Shortcake assessed a finance charge of 3% of the receivables and retained 5% of the...
During February, Vargas Company worked on three jobs. Data relating to these three jobs follow: Overhead is assigned on the basis of direct labor hours at a rate of $5.30 per direct labor hour....
You have been hired as a consultant to analyze the salary structure of Energy Futures, Inc., a firm that produces designs for solar energy applications. The company has operated for a number of...
Many multidivisional firms do not report revenues or profits by division or segment in their Form 10K or Annual Report. What are pros and cons of this management practice? Discuss.
By examining Circuit Citys financial statements in Appendix A, rawth at evidence is there that they used the reported in financial statements? matching principle? Appendix A: CONSOLIDATED BALANCE...
Marsha Thomason, an auditor with Dorrit CPAs, is performing a review of Mikhail Companys inventory account. Mikhail did not have a good year and top management is under pressure to boost reported...
Do it in C, fix the code, answer the questions and explain them in detail #include /* Read a set of values from the user. Store the sum in the sum variable and return the number of values read. */ //...
0 PDQ bonds pay 8% in coupon interest annually and will mature in 10 years. Calculate the bonds' value if the required rate of return on the bonds is (a) 7%, (b) 8%, and (c) 9%, respectivel Please...
What is an example of a business model innovation opportunity presented by GPS III or LEO satellites?
What is the most common robotic programming language?
What is an example of a business model innovation opportunity presented by 5G and 6G?
What is the most important part of a robot? Why?
What is an example of a product innovation opportunity presented by Satellites GPS III or LEO satellites?
Find the exponential function that models the data in the table below. -4 -3 -2 3 8 8 8 24 72 216 81 27 What is the exponential regression of the data?
Calculate the Lagrange polynomial P 2 (x) for the values (1.00) = 1.0000, (1.02) = 0.9888, (1.04) = 0.9784 of the gamma function [(24) in App. A3.1] and from it approximations of (1.01) and (1.03).
Thorne Transit, Inc. has decided to inaugurate express bus service between its headquarters city and a nearby suburb (one-way fare of $\$ .50$ ) and is considering the purchase of either 32- or...
The Gercken Corporation sells computer services to its clients. The company completed a feasibility study and decided to acquire an additional computer on January 2, 20X5. Information regarding the...
Purchase, Lease, or Build Equipment The Edwards Corporation is considering adding a new stapler to one of its product lines. More equipment will be required to produce the new stapler. There are...

On February 1 , 2 0 2 3 , Cullumber Corp.factored receivables with a carrying amount of$

Question:

Expert Answer:

To solve this problem we need to calculate the value of the holdback that would be Due from Fac... View the full answer

Students also viewed these accounting questions