samson wholesale beverage company regularly factors its accounts receivable with the milpitas finance company. on april 30, 2024, the company transferred $900,000 of accounts receivable to milpitas. the transfer was made without recourse. milpitas remits 85% of the factored amount and retains 15%. when milpitas collects the receivables, it remits to samson the retained amount less a 2% fee (2% of the total factored amount). samson estimates the fair value of the last 15% of its receivables to be $64,000.

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25-11-2022
Business

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samson wholesale beverage company regularly factors its accounts receivable with the milpitas finance company. on april 30, 2024, the company transferred $900,000 of accounts receivable to milpitas. the transfer was made without recourse. milpitas remits 85% of the factored amount and retains 15%. when milpitas collects the receivables, it remits to samson the retained amount less a 2% fee (2% of the total factored amount). samson estimates the fair value of the last 15% of its receivables to be $64,000.

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AnkitaNagar AnkitaNagar · Answer 1 · 2022-11-30T05:15:35+01:00

Samson Wholesale Beverage Company regularly factors its accounts receivable is $ 46,000.

Accounts receivable refers to money owed by a company's customers for goods or services received but not yet paid. For example, when a customer purchases an item on credit, the outstanding amount is added to the accounts receivable. An obligation arising from a commercial transaction.

Calculating the problem:

Cash = (85% × $900,000)

= $765,000

Receivable from factor ($64,000 fair value - [2% × $900,000])

= $46,000

Cash: 765,000

Receivable from factor: 46000

Accts rec: 900000

What is the accounts receivable process?

The accounts receivable process consists of the procedures and practices companies employ to collect revenue from their customers in a timely manner. This process begins when the contract is created and ends when the debt collection is resolved.

Why is it called Accounts Receivable?

Accounts receivable is what the customer owes you. When you send us an invoice (or invoice), it becomes part of your accounts receivable until paid. Receivables is the name given to both the unpaid money and the process of collecting it.

Learn more about Account receivable:

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