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Compute the cash paid by Schick Factors to Braun Company

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Question - Braun Company factors $300,000 of accounts receivable with Schick Factors Inc. on a without recourse basis. The receivables records are transferred to Schick Factors, which takes over full responsibility for collections. Schick assesses a finance charge of 4% and withholds an initial amount equal to 7% of the accounts receivable for returns and allowances.

Required - Compute the cash paid by Schick Factors to Braun Company?

$279,000.

$300,000.

$267,000.

$288,000.

Reference no: EM132515750

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