Chamberlain Enterprises Inc reported the following receivables in its December 31, 2018, year end balance sheet Current assets Accounts receivable, net of $26,000 in allowance for uncollectible accounts $ 228,000 Interest receivable 7,850 Notes receivable 280,000 Additional Information The notes receivable account consists of two notes, a $55,000 note and a $225,000 note The $55,000 note is dated October 31, 2018, with principal and interest payable on October 31, 2019 The $225,000 note is dated June 30, 2018, with principal and 6 interest payable on June 30, 2019 During 2019, sales revenue totaled $1,360,000, $1,290,000 cash was collected from customers, and $24,000 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 On March 31, 2019, the $225,000 note receivable was discounted at the Bank of Commerce The bank's discount rate is 8 Chamberlain accounts for the discounting as a sale Required 1 Not including sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlains 2019 income statement Revenue Accounts payable Accounts receivable Accrued interest receivable Advertising expense Allowance for sales returns Allowance for uncollectible accounts Bad debt expense Building Cash Common stock Cost of goods sold Delivery expense Depreciation expense Discount on note payable Dividends Entertainment expense Equipment Finance charge expense Income summary Income tax expense Income tax payable Insurance expense Interest expense Interest payable Interest revenue Inventory Inventoryestimated returns Land Loss on sale of note receivable Maintenance expense Miscellaneous expense Note payable Note receivable Petty cash Postage expense Prepaid advertising Prepaid insurance Prepaid rent Receivable from factor Recourse liability Refund liability Rent expense Retained earnings Salaries and wages expense Salaries and wages payable Sales discounts Sales discounts forfeited Sales returns Sales revenue Service revenue Supplies Supplies expense Utilities expense Utilities payable Expense $ 2 3 What amounts will appear in the 2019 year end balance sheet for accounts receivable and Calculate the receivables turnover ratio for 2019 (Round your Receivable turnover ratio answer to 1 decimal place ) 2 Accounts receivable, net 3 Receivable turnover ratio times

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Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2018, year-end balance sheet: Current assets: Accounts receivable, net of $26,000 in allowance for

Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2018, year-end balance sheet:


Current assets:
Accounts receivable, net of $26,000 in allowance for uncollectible accounts	$	228,000
Interest receivable		7,850
Notes receivable		280,000

Additional Information:

The notes receivable account consists of two notes, a $55,000 note and a $225,000 note. The $55,000 note is dated October 31, 2018, with principal and interest payable on October 31, 2019. The $225,000 note is dated June 30, 2018, with principal and 6% interest payable on June 30, 2019.
During 2019, sales revenue totaled $1,360,000, $1,290,000 cash was collected from customers, and $24,000 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.
On March 31, 2019, the $225,000 note receivable was discounted at the Bank of Commerce. The bank's discount rate is 8%. Chamberlain accounts for the discounting as a sale.

Required: 1. Not including sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlains 2019 income statement?

Revenue:
Accounts payable Accounts receivable Accrued interest receivable Advertising expense Allowance for sales returns Allowance for uncollectible accounts Bad debt expense Building Cash Common stock Cost of goods sold Delivery expense Depreciation expense Discount on note payable Dividends Entertainment expense Equipment Finance charge expense Income summary Income tax expense Income tax payable Insurance expense Interest expense Interest payable Interest revenue Inventory Inventoryestimated returns Land Loss on sale of note receivable Maintenance expense Miscellaneous expense Note payable Note receivable Petty cash Postage expense Prepaid advertising Prepaid insurance Prepaid rent Receivable from factor Recourse liability Refund liability Rent expense Retained earnings Salaries and wages expense Salaries and wages payable Sales discounts Sales discounts forfeited Sales returns Sales revenue Service revenue Supplies Supplies expense Utilities expense Utilities payable

Expense:


	$

2. & 3. What amounts will appear in the 2019 year-end balance sheet for accounts receivable and Calculate the receivables turnover ratio for 2019. (Round your "Receivable turnover ratio" answer to 1 decimal place.)