Use the Following Information for Questions

question 42

Multiple Choice

Use the following information for questions
Henry Co.assigned $400,000 of accounts receivable to Easy Finance Co.as security for a loan of $335,000.Easy charged a 2% commission on the amount of the loan; the interest rate on the note was 10%.During the first month, Henry collected $110,000 on assigned accounts after deducting $380 of discounts.Henry accepted returns worth $1,350 and wrote off assigned accounts totaling $2,980.
-The amount of cash Henry received from Easy at the time of the transfer was

• A)$301,500.
• B)$327,000.
• C)$328,300.
• D)$335,000.

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Definitions:

Feminization of Poverty

The phenomenon where women represent disproportionate percentages of the world's poor.

Poverty

A condition characterized by severe deprivation of basic human needs, including food, safe drinking water, sanitation facilities, health, shelter, education, and information.

Marital Roles

The specific ways that married people define their behavior and structure their time.

Wife's Higher Income

A situation where a wife earns more money than her husband.