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Business, 23.10.2019 03:00 brandiewilliams12567

On april 1, 2020, cullumber company assigns $549,400 of its accounts receivable to the third national bank as collateral for a $301,600 loan due july 1, 2020. the assignment agreement calls for cullumber to continue to collect the receivables. third national bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type).

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On april 1, 2020, cullumber company assigns $549,400 of its accounts receivable to the third nationa...
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