21 (5 points) The following information pertains to R: Gross accounts receivable balance as of 12-31-14 was $950,000. Allowance for doubtful accounts balance as of 12-31-14 was $50,000 Total sales during 2015 were $3,500,000; 90% of sales were on a credit basis AR write-offs during 2015 were $42,000 R's 12-31-15 AR aging analysis indicates a required balance in the allowance for doubtful accounts of $67,000. The NRV of R's receivables as of 12-31-15 was S903,000. Based on the above: a) How much cash did R collect from its ARs during 20152 b) How much cash did R collect from its sales during 2015? 22. (4 points) Lucy factored S1,650,000 of accounts receivable with Ethel on a without recourse basis on May 1. Ethel assessed a finance charge of 2% of the total ARs factored. Ethel retained an amount equal to 2.5% of the total ARs factored to cover sales returns. During May and June, customers returned merchandise to Lucy on $30,000 of credit sales. All of these returns related to receivables from the $1,650,000 pool of ARs sold. After taking the returns into consideration, Ethel collected S1,612,000 of the factored ARs. On June 30, Lucy and Ethel "settled up" meaning Lucy and Ethel paid each other any cash that was due the other (a) Based on the above facts, what net profit did Ethel end up earning? 23. (6 points) Lucy factored S2,500,000 of accounts receivable with Ethel on a with recourse basis on May 1. (Assume the transaction meets the criteria to be classified as a sale.) Ethel assessed a finance charge of $12,500. Ethel retained an amount equal to 1% of the total ARs factored to cover sales returns. Lucy estimated her recourse liability to be $70,000. During May and June, customers returned merchandise to Lucy on S22,000 of credit sales. All of the returns related to receivables from the S2,500,000 pool of ARs sold. After taking the returns into consideration, Ethel collected S2,400,000 of the factored receivables. On June 30, Lucy and Ethel "settled up" meaning Lucy and Ethel paid each other any cash that was due to the other. . Based on the above facts, what net profit did Ethel end up earning?. (a)