How it will be accounted for this case?

This topic has 1 reply, 2 voices, and was last updated 3 years ago by Stephen Widberg.

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October 26, 2022 at 8:27 pm #670071
Andreas1198
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On 31 December 20X1, Phoenix sold $1 million of receivables to a debt factor
and has received a cash payment of 90% of the receivables sold. The terms of
the factoring arrangement state that Phoenix must reimburse the factor for any
amounts not collected after six months.
October 27, 2022 at 8:46 am #670094
Stephen Widberg
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Cash advance treated as a liability. No transfer of risks and rewards. 100000 finance charge.

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