Concord Corporation assigned $1,582 ,000 of accounts receivable to Pharoah Company as security for a...
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Accounting
Concord Corporation assigned $1,582
,000 of accounts receivable to Pharoah Company as
security for a loan of $1,335,000. Pharoah charged a 1% commission on the amount of the
loan; the interest rate on the note was 9%. During the first month, Concord collected
$459,000 on assigned accounts after deducting $1,480 of discounts. Concord accepted
returns worth $5,400 and wrote off assigned accounts totaling $11,880.
The amount of cash Concord received from Pharoah at the time of the assignment was
a)
$1,321,650
b)
$1,335,000
c)
$1,214,850
d)
$1,319,180
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