Use the Following Information for Questions

question 62

Multiple Choice

Use the following information for questions.
On February 1, 2010, Henson Company factored receivables with a carrying amount of $300,000 to Agee Company.Agee Company assesses a finance charge of 3% of the receivables and retains 5% of the receivables.Relative to this transaction, you are to determine the amount of loss on sale to be reported in the income statement of Henson Company for February.
-Assume that Henson factors the receivables on a without guarantee (recourse) basis.The loss to be reported is

• A)$0.
• B)$9,000.
• C)$15,000.
• D)$24,000.

---

Definitions:

Power

The ability or capacity to direct or influence the behavior of others or the course of events.

Transgendered Inmates

Prisoners who identify with a gender different from the one assigned at birth, often facing unique challenges in the correctional system.

Correctional Facilities

Institutions designed for the detention and rehabilitation of individuals who have been convicted of crimes.

Central Norms

Central norms refer to the fundamental standards, behaviors, or beliefs that are widely accepted and upheld within a society or group.