Bonita Corporation factored, with recourse, $275000 of accounts receivable with Culver Financing. The finance charge is 3%, and 5% was retained to cover sales discounts, sales returns, and sales allowances. Bonita estimates the recourse obligation at $6600. What amount should Bonita report as a loss on the sale of receivables?

Sep 8, 2023

Bonita Corporation factored, with recourse, $275000 of accounts receivable with Culver Financing. The finance charge is 3%, and 5% was retained to cover sales discounts, sales returns, and sales allowances. Bonita estimates the recourse obligation at $6600. 

What amount should Bonita report as a loss on the sale of receivables?

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Bonita Corporation factored, with recourse, $275000 of accounts receivable with Culver Financing. The finance charge is 3%, and 5% was retained to cover sales discounts, sales returns, and sales allowances. Bonita estimates the recourse obligation at $6600. What amount should Bonita report as a loss on the sale of receivables?
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