Use the Following Information for the Following Questions

question 27

Multiple Choice

Use the following information for the following questions:
Braun Company factors $300,000 of accounts receivable with Schick Factors Inc. on a without recourse basis. The receivables records are transferred to Schick Factors, which takes over full responsibility for collections. Schick assesses a finance charge of 4% and withholds an initial amount equal to 7% of the accounts receivable for returns and allowances.
-The cash paid by Schick Factors to Braun Company is

• A) $300,000.
• B) $288,000.
• C) $267,000.
• D) $279,000.

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Definitions:

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