Novak Incorporated factored $145,300 of accounts receivable with Splish Factors Inc. on a without-recourse basis. Splish assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 7% of accounts receivable for possible asjustments.

Novak Incorporated factored $145,300 of accounts receivable with Splish Factors Inc. on a without-recourse basis. Splish assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 7% of accounts receivable for possible asjustments.

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