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Find how much net cash is received from transaction

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Problem 1: On March 1, 2018, Ramos Co. assigned its ?1,000,000 accounts receivable to Cammayo Bank in exchange for a 2-month, 12%, loan equal to 75% of the assigned receivables. Ramos Co. received the loan proceeds after a 2% deduction for service fee based on the assigned notes. During March, ?500,000 were collected from the receivables. Sales returns and discounts amounted to ?150,000. How much net cash is received from the assignment transaction on March 1, 2018?

Reference no: EM132915507

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