Chamberlain Enterprises Incorporated reported the following receivables in its December $31,2024,$ year$-$end balance sheet:

Current assets:

Accounts receivable, net of $$35,000$ in allowance for uncollectible

Additional Information:

The notes receivable account consists of two notes, a $$100,000$ note and a $$270,000$ note. The $$100,000$ note is dated October

$31,2024,$ with principal and interest payable on October $31,2025.$ The $$270,000$ note is dated June $30,2024,$ with principal and

$6\%$ interest payable on June $30,2025.$

During $2025,$ sales revenue totaled $$1,450,000,$$$1,335,000$ cash was collected from customers, and $$33,000$ 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 $31,2025,$ the $$270,000$ 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:

In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain's $2025$ income

statement?

& $3.$ What amounts will appear in the $2025$ year$-$end balance sheet for accounts receivable? Calculate the receivables turnover ratio

for $2025.$

Complete this question by entering your answers in the tabs below.

Req $1$

In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain's $2025$

income statement?Chamberlain Enterprises Incorporated reported the following receivables in its December $31,2024,$ year$-$end balance sheet:

Current assets:

Accounts receivable, net of $$35,000$ in allowance for uncollectible accounts $ $273,000$

Interest receivable $10,100$

Notes receivable $370,000$

Additional Information:

The notes receivable account consists of two notes, a $$100,000$ note and a $$270,000$ note. The $$100,000$ note is dated October $31,2024,$ with principal and interest payable on October $31,2025.$ The $$270,000$ note is dated June $30,2024,$ with principal and $6\%$ interest payable on June $30,2025.$

During $2025,$ sales revenue totaled $$1,450,000,$ $$1,335,000$ cash was collected from customers, and $$33,000$ 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 $31,2025,$ the $$270,000$ 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:

$1.$ In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain$$s $2025$ income statement?

$2.$ & $3.$ What amounts will appear in the $2025$ year$-$end balance sheet for accounts receivable? Calculate the receivables turnover ratio for $2025.$