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2. accounts receivable turn over ratio? Cordova, Inc., reported the following receivables in its December 31, 2020, year-end balance sheet: Current assets: Accounts receivable, net
2. accounts receivable turn over ratio?
Cordova, Inc., reported the following receivables in its December 31, 2020, year-end balance sheet: Current assets: Accounts receivable, net of $50,000 in allowance for uncollectible accounts Interest receivable Notes receivable $382,000 17,800 380,000 zipped Additional information: 1. The notes receivable account consists of two notes, a $100.000 note and a $280,000 note. The $100,000 note is da 2020, with principal and interest payable on October 31, 2021. The $280,000 note is dated March 31, 2020, with prin interest payable on March 31, 2021. 2. During 2021, sales revenue totaled $2,100,000, $1,960,000 cash was collected from customers, and $39,000 in acco receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusti allowance account to an amount equal to 8% of year-end gross accounts receivable, Required: 1. In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Cordova's 2021 statement? 2. Calculate the receivables turnover ratio for 2021. (Round your answer to 2 decimal places.) 1. Interest revenue Bad debt expenseStep by Step Solution
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