Use the Following Information for Questions

question 31

Multiple Choice

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

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