Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2018, year-end balance sheet: Current assets: Accounts receivable, net of $41,000 in allowance for uncollectible accounts Interest receivable Notes receivable $303,000 15,500 430,000 Additional Information: 1. The notes receivable account consists of two notes, a $85,000 note and a $345,000 note. The $85,000 note is dated October 31, 2018, with principal and interest payable on October 31, 2019. The $345,000 note is dated June 30, 2018, with principal and 8% interest payable on June 30, 2019. 2. During 2019, sales revenue totaled $1,510,000, $1,365,000 cash was collected from customers, and $39,000 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, 2019, the $345,000 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: 1. Not including sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain's 2019 income statement? 2. & 3. What amounts will appear in the 2019 year-end balance sheet for accounts receivable and Calculate the receivables turnover ratio for 2019. Required: 1. Not including sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain's 2019 income statement? 2. & 3. What amounts will appear in the 2019 year-end balance sheet for accounts receivable and Calculate the receivables turnover ratio for 2019. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Not including sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain's 2019 income statement? Revenue: Expense Required: 1. Not including sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain's 2019 income statement? 2. &3.What amounts will appear in the 2019 year-end balance sheet for accounts receivable and Calculate the receivables turnover ratio for 2019. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 and 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
