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What is the amount of cash initially received from factoring

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Reference no: EM132690874

Miya Company factored P6,000,000 of accounts receivable to a finance entity at the end of current year. Control was surrendered by Miya Company.

  • The factor assessed a fee of 3% and retained a holdback equal to 5% of the accounts receivable.
  • In addition, the factor charged 15% interest computed on a weighted average time to maturity of the accounts receivable of 54 days.

Problem 1: What is the amount of cash initially received from the factoring?

Reference no: EM132690874

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