(multiball choice)

1. DeSilva Corporation had accounts receivable of $250,000 at 1/1. The only transactions affecting accounts receivable were sales of $1,100,000 and cash collections of $1,250,000. The Accounts Receivable Turnover is:

A.		6.3
B.		4.4
C.		5.0
D.		11.0

2.

Oliver Inc factors $2,000,000 of its accounts receivables with recourse for a finance charge of 2%. The finance company retains an amount equal to 10% of the accounts receivable for possible adjustments. Oliver estimates the fair value of the recourse liability at $100,000. What would be recorded as a gain (loss) on the transfer of receivables?

	A	Gain of $40,000
	B	Gain of $340,000
	C	Loss of $140,000
	D	Loss of $100,000