Answered step by step
Verified Expert Solution
Question
1 Approved Answer
What amounts will appear in the 2022 year-end balance sheet for accounts receivable and Calculate the receivables turnover ratio for 2022. (Round your Receivable turnover
What amounts will appear in the 2022 year-end balance sheet for accounts receivable and Calculate the receivables turnover ratio for 2022. (Round your "Receivable turnover ratio" answer to 1 decimal place.) Not including sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain's 2022 income statement? Additional Information: 1. The notes receivable account consists of two notes, a $70,000 note and a $240,000 note. The $70,000 note is dated October 31 , 2021 , with principal and interest payable on October 31,2022 . The $240,000 note is dated June 30,2021 , with principal and 6% interest payable on June 30, 2022. 2. During 2022 , sales revenue totaled $1,390,000,$1,305,000 cash was collected from customers, and $27,000 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 31,2022 , the $240,000 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 2022 income statement? 2. \& 3. What amounts will appear in the 2022 year-end balance sheet for accounts receivable and Calculate the receivables turnover ratio for 2022
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started