Cole is a minimum wage employee in santa fe, nm, where the minimum wage is $10.91 per hour. his employer claims that since the federal minimum wage is $7.25 per hour, cole should only receive the federal amount. what is the correct answer in this situation?
a) the employer has the discretion to pay either the federal or the state-designated minimum wage.
b) the employer may choose to pay less than the state-designated minimum wage, based on the employee's qualifications and job description.
c) the employer is correct that the federal minimum wage overrules the state wage.
d) the employer must pay the state-designated minimum wage for the area.

Reynolds corp. factors $400,000 of accounts receivable with mateer finance corporation on a without recourse basis on july 1, 2015. the receivables records are transferred to mateer finance, which will receive the collections. mateer finance assesses a finance charge of 1 ½ percent of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. the transaction is to be recorded as a sale.required: a. prepare the journal entry on july 1, 2015, for reynolds corp. to record the sale of receivables without recourse.b. prepare the journal entry on july 1, 2015, for mateer finance corporation to record the purchase of receivables without recourse— think through this.c. explain the difference between sale of receivables with recourse as oppose to without recourse.