Factoring Blair Finance factors the accounts of the Holder Company. All eight factored accounts are shown in the following table, with the amount factored, the date due, and the status on May 30. Indicate the amounts that Blair should have remitted to Holder as of May 30 and the dates of those remittances. Assume that the factor’s commission of 2% is deducted as part of determining the amount of the remittance.
|
Account |
Amount |
Date due |
Status on May 30 |
|
A |
$200,000 |
May 30 |
Collected May 15 |
|
B |
90,000 |
May 30 |
Uncollected |
|
C |
110,000 |
May 30 |
Uncollected |
|
D |
85,000 |
June 15 |
Collected May 30 |
|
E |
120,000 |
May 30 |
Collected May 27 |
|
F |
180,000 |
June 15 |
Collected May 30 |
|
G |
90,000 |
May 15 |
Uncollected |
|
H |
30,000 |
June 30 |
Collected May 30 |