Current Attempt in Progress Presented below is information for Skysong Company. 1. 2. 3. . Beginning-of-the-year Accounts Receivable balance was $23,600. Net sales (all on account) for the year were $103,100. Skysong does not offer cash discounts. Collections on accounts receivable during the year were $90,300. Skysong is planning to factor some accounts receivable at the end of the year. Accounts totaling $14,100 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 7% of the balances for probable adjustments and assesses a finance charge of 6%. The fair value of the recourse obligation is $1,021.

Presented below is information for Skysong Company. 1. Beginning-of-the-year Accounts Receivable balance was $23,600. 2. Net sales (all on account) for the year were $103,100. Skysong does not offer cash discounts. 3. Collections on accounts receivable during the year were $90,300. Skysong is planning to factor some accounts receivable at the end of the year. Accounts totaling $14,100 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 7% of the balances for probable adjustments and assesses a finance charge of 6%. The fair value of the recourse obligation is $1,021