Jensen Company's general ledger included the following selected accounts (in thousands) at December 31, 2021

P8.11A (LO 4) AN Jensen Company's general ledger included the following selected accounts (in thousands) at December 31, 2021: $1,077.3 590.4 858.7 Accounts payable Accounts receivable Accumulated depreciation equipment Allowance for doubtful accounts Bad debt expense Cash 35.4 91.3 395.6 660.4 1,732.8 19.7 Cost of goods sold Equipment Interest revenue Merchandise inventory Notes receivable-due in 2022 Notes receivable-due in 2025 630.9 96.0 191.1 Prepaid expenses 20.1 Sales Sales discounts Short-term investments 4,565.5 31.3 194.9 21.7 Supplies Unearned revenue 56.3 Additional information: 1. On December 31, 2020, Accounts Receivable was $611.1 thousand and the Allowance for Doubtful Accounts was $36.6 thousand. 2. The receivables turnover was 8.3 the previous year. Instructions a. Prepare the assets section of the balance sheet. b. Calculate the receivables turnover and average collection period. Compare these results with the previous year's results and comment on any trends