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Time Outstanding $ Amount Fraction expected to be uncollectible ...

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Question

Accounting

Time Outstanding $ Amount

Fraction expected to be uncollectible
Less than 30 days $34,100 1%
31-60 days 3,400 2%
61-90 days 7,400 6%
91-120 days 1,800 25%
121+ days 1,200 40%

Weston Company plans to factor $11,000 of the receivables outstanding for less than 30 days with recourse for a fee of 3% of the receivables sold. What is the total cost of obtaining the cash through this factoring arrangement?

Group of answer choices

$220

$330

$440

$110

Answer & Explanation Solved by verified expert
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