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Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2011, year-end balance sheet:
Current assets:
Accounts receivable, net of $24,000 in allowance for uncollectible accounts $218,000
Interest receivable 6,800
Notes receivable 260,000
$60,000 note and a $200,000 note. The $60,000 note is dated October 31, 2011, with principal and interest payable on October 31, 2012. The $200,000 note is dated June 30, 2011, with principal and 6% interest payable on June 30, 2012. 2 During 2012, sales revenue totaled $1,340,000, $1,280,000 cash was collected from customers, and $22,000 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, 2012, the $200,000 note receivable was discounted at the Bank of Commerce. The bank's discount rate is 8%. 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 2012 income statement?
2 What amounts will appear in the 2012 year-end balance sheet for accounts receivable?
3 Calculate the receivables turnover ratio for 2012.
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