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1. Beginning-of-the-year Accounts Receivable balance was $23,100.
2. Net sales (all on account) for the year were $110,400. Grant does not offer cash discounts.
3. Collections on accounts receivable during the year were $86,500.

Grant is planning to factor some accounts receivable at the end of the year. Accounts totaling $11,900 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 6% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse liability is $1,160.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9966042

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