Multiple Choice Question 125 Sunland on the amount o the loan, the interest rate

Question

Multiple Choice Question 125 Sunland on the amount o the loan, the interest rate on the note was 10%. During the first month Sunland collected $446000 on assigned accounts after deducting $1490 of discounts. Sunland accepted returns worth $5400 and wrote off assigned accounts totaling $11930 assigned $1614000 of accounts receivable to Blossom Company as security for a loan of $1335000. Blossom charged a 2% commission The amount of cash Sunland received from Blossom at the time of the assignment was O $1302720. e $1308300. O$1335000. $1201500. Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Amount of loan 1335000 Less Commission 26700 (2%*1335000) Cash received from sunland 1308300

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