A Mikey's sells $119,500 of its accounts receivable to factors at a 1% discount. The firm’s average collection period is one month. What is the dollar cost of the factoring service? Dollar-cost of the factoring service $_________ per month
A Mikey's sells $119,500 of its accounts receivable to factors at a 1% discount. The firm’s average collection period is one month. What is the dollar cost of the factoring service? Dollar-cost of the factoring service $_________ per month
Chapter7: Budgeting
Section: Chapter Questions
Problem 14EB: Earthies Shoes has 55% of its sales in cash and the remainder on credit. Of the credit sales, 70% is...
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A Mikey's sells $119,500 of its accounts receivable to factors at a 1% discount. The firm’s average collection period is one month. What is the dollar cost of the factoring service?
Dollar-cost of the factoring service | $_________ | per month |
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