Chamberlain Enterprises Inc reported the following receivables in its December 31, 2013, year end balance sheet Current assets Accounts receivable, net of $28,000 in allowance for uncollectible accounts $ 238,000 Interest receivable 10,700 Notes receivable 300,000 Additional information 1 The notes receivable account consists of two notes, a $65,000 note and a $235,000 note The $65,000 note is dated October 31, 2013, with principal and interest payable on October 31, 2014 The $235,000 note is dated June 30, 2013, with principal and 8 interest payable on June 30, 2014 2 During 2014, sales revenue totaled $1,380,000, $1,300,000 cash was collected from customers, and $26,000 in accounts receivable were written off All sales are made on a credit basis Bad debt expense is recorded at year end by adjusting the allowance account to an amount equal to 10 of year end accounts receivable 3 On March 31, 2014, the $235,000 note receivable was discounted at the Bank of Commerce The bank's discount rate is 10 Chamberlain accounts for the discounting as a sale Required 2 What amounts will appear in the 2014 year end balance sheet for accounts receivable 3 Calculate the receivables turnover ratio for 2014 (Round your answer to 1 decimal place ) 1 In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlains 2014 income statement Chamberlain Enterprises Inc reported the following receivables in its December 31, 2013, year end balance sheet Current assets Accounts receivable, net of $28,000 in allowance for uncollectible accounts $ 238,000 Interest receivable 10,700Notes receivable 300,000Additional information 1 The notes receivable account consists of two notes, a $65,000 note and a $235,000 note The $65,000 note is dated October 31, 2013, with principal and interest payable on October 31, 2014 The $235,000 note is dated June 30, 2013, with principal and 8 interest payable on June 30, 2014 2 During 2014, sales revenue totaled $1,380,000, $1,300,000 cash was collected from customers, and $26,000 in accounts receivable were written off All sales are made on a credit basis Bad debt expense is recorded at year end by adjusting the allowance account to an amount equal to 10 of year end accounts receivable 3 On March 31, 2014, the $235,000 note receivable was discounted at the Bank of Commerce The bank's discount rate is 10 Chamberlain accounts for the discounting as a sale Required 2 What amounts will appear in the 2014 year end balance sheet for accounts receivable 3 Calculate the receivables turnover ratio for 2014 (Round your answer to 1 decimal place ) 1 In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlains 2014 income statement

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Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2013, year-end balance sheet: Current assets: Accounts receivable, net of $28,000 in allowance for

Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2013, year-end balance sheet:


Current assets:
Accounts receivable, net of $28,000 in allowance for uncollectible accounts	$	238,000
Interest receivable		10,700
Notes receivable		300,000

Additional information:

1.	The notes receivable account consists of two notes, a $65,000 note and a $235,000 note. The $65,000 note is dated October 31, 2013, with principal and interest payable on October 31, 2014. The $235,000 note is dated June 30, 2013, with principal and 8% interest payable on June 30, 2014.

During 2014, sales revenue totaled $1,380,000, $1,300,000 cash was collected from customers, and $26,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable.

3.	On March 31, 2014, the $235,000 note receivable was discounted at the Bank of Commerce. The bank's discount rate is 10%. Chamberlain accounts for the discounting as a sale.

Required:

What amounts will appear in the 2014 year-end balance sheet for accounts receivable?

3.	Calculate the receivables turnover ratio for 2014. (Round your answer to 1 decimal place.)

1.	In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlains 2014 income statement?

Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2013, year-end balance sheet:Current assets: Accounts receivable, net of $28,000 in allowance for uncollectible accounts $ 238,000 Interest receivable 10,700Notes receivable 300,000Additional information: 1. The notes receivable account consists of two notes, a $65,000 note and a $235,000 note. The $65,000 note is dated October 31, 2013, with principal and interest payable on October 31, 2014. The $235,000 note is dated June 30, 2013, with principal and 8% interest payable on June 30, 2014. 2. During 2014, sales revenue totaled $1,380,000, $1,300,000 cash was collected from customers, and $26,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable. 3. On March 31, 2014, the $235,000 note receivable was discounted at the Bank of Commerce. The bank's discount rate is 10%. Chamberlain accounts for the discounting as a sale. Required: 2. What amounts will appear in the 2014 year-end balance sheet for accounts receivable? 3.Calculate the receivables turnover ratio for 2014. (Round your answer to 1 decimal place.) 1. In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain½s 2014 income statement