Problem 8-11A Oriole Company's general ledger included the following selected accounts (in thousands) at December 31, 2021: Accounts payable $1,056.6 Accounts receivable 597.3 Accumulated depreciation-equipment 868.5 Allowance for doubtful accounts 38.1 Bad debt expense 89.8 Cash 388.8 Cost of goods sold 666.5 Estimated inventory returns 3.2 Equipment 1,702.2 Interest revenue 19.5 Merchandise inventory 617.6 Notes receivable-due in 2022 93.8 Notes receivable-due in 2025 197.1 Prepaid expenses 19.7 Refund liability 22.5 Sales 4,589.1 Sales discounts 30.2 Short-term investments 204.8 Supplies 21.9 Unearned revenue 58.5 Additional information: 1. On December 31, 2020, Accounts Receivable was $603.3 thousand and the Allowance for Doubtful Accounts was $36.6 thousand. 2. The receivables turnover was 8.3 the previous year. Prepare the assets section of the balance sheet. (List Current Assets in order of liquidity. Enter amounts in thousands. Round answers to 1 decimal place, e.g. 52.7.) ORIOLE COMPANY Balance Sheet (Partial) December 31, 2021 (in thousands) Assets Current Assets Cash Accounts Receival Supplies Less Allowance for Dou 100 mil) I DO Your answer is incorrect. Try again. Calculate the receivables turnover and average collection period. Compare these results with the previous year's results and comment on any trends. (Use 365 days for calculation. Round answers to 1 decimal place, e.g. 15.1.) 2021 2020 Receivables turnover times times Average collection period days days Orioler's receivables turnover ratio was in 2021