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How much proceeds is received from the factoring on January

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Question - ABC Co. factored 100,000 accounts receivable to XYZ Financing Corp. on a without recourse basis on January 1, 20x1. XYZ charged a 4% service fee and retained a 10% holdback to cover expected sales returns. In addition, XYZ charged a 12% interest computed on a weighted average time to maturity of the receivables of 73 days based on 365 days.

Required -

1. How much proceeds is received from the factoring on January 1, 20x1?

2. How much is the cost of factoring assuming all of the receivables have been collected?

Reference no: EM132708546

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