申論題

二、Columbia Co. factors $300,000 of accounts receivable with Tiger Factors，Inc.，on a with recourse basis. On April 1, 2010，the receivable records are transferred to Tiger Factors，which will receive the collections. Tiger Factors assesses a financial charge of 4% and retains an amount equal to 10% of the accounts receivable. Columbia handles returned goods，claims for defective goods (allowances). Additional information is as follows:

(b) Transactions in April and May: collections of $269,000 by factors; sales returns and allowance of 20,000; sales discounts taken of $6,000; and uncollectible of $5,000 are written off.