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What will be the total effect on jones inc net income

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Question 1: Jones Inc. assigned $80,000 of accounts receivable to Squeaky Clean Finance Company for a loan of $60,000. Squeaky charged a $500 finance fee. The interest rate on the note was 8%. The note required monthly remittances. During the first month of the arrangement, Jones collected $36,000 of the assigned receivables in cash and also processed sales discounts and returns of $2,800. In addition, Jones also wrote off $1,000 of the assigned receivables as uncollectable. Based on all the prior information, what will be the total effect on Jones Inc. net income for the month?

Reference no: EM132506835

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