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What binalonan company will receive and record cash of

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Binalonan Company factored P5,000,000 of accounts receivable to ABC Company on July 1, 2020. Control was surrendered by Binalonan. ABC assessed a fee of 5% and retains a holdback equal to 20% of the accounts receivable. In addition ABC charged 12% computed on a weighted average time to maturity of the receivables of 30 days.

Problem 1. Binalonan Company will receive and record cash of _______________?

Problem 2. Assuming all receivables are collected, Binalonan Company's cost of factoring the receivables would be __________________?

Reference no: EM132815624

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