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What is the amount of cash initially received

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Question - Cynthia Co. factored P750,000 of accounts receivable at year-end. Control was surrendered. The factor accepted the accounts receivable subject to recourse for nonpayment. The factor assessed a fee of 2% and retained a holdback equal to 4% of the accounts receivable. In addition, the factor charged 12% interest computed on a weighted-average time to maturity of fifty-one days. The fair value of the recourse obligation is P15,000. What is the amount of cash initially received from the factoring?

Reference no: EM132930451

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