Use the Following Information for Questions

question 6

Multiple Choice

Use the following information for questions.
Braun Company factors $300,000 of accounts receivable with Schick Factors Inc.on a without recourse basis.The receivables records are transferred to Schick Factors, which takes over full responsibility for collections.Schick assesses a finance charge of 4% and withholds an initial amount equal to 7% of the accounts receivable for returns and allowances.
-The loss on sale of receivables recorded by Braun is

• A)$12,000.
• B)$21,000.
• C)$33,000.
• D)$0.

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