Problem 7-12 (Algo) Accounts and notes receivable; discounting a note receivable; receivables turnoverratio financial statement effects [LO7-5, 7-6, 7-7, 7-8, 7-9]Chamberlain Enterprises incorporated reported the following receivables in its December 31, 2024, year-end balance sheet:Current assets:accountsAccounts receivable, net of $37,000 in allowance for uncollectible$ 283,00011,050390,000Interest receivableNotes receivableAdditional Information:1. The notes receivable account consists of two notes, a $65,000 note and a $325,000 note. The $65,000 note is dated October31, 2024, with principal and interest payable on October 31, 2025. The $325,000 note is dated June 30, 2024, with principal and6% Interest payable on June 30, 2025.2. During 2025, sales revenue totaled $1,470,000, $1,345,000 cash was collected from customers, and $35,000 in accountsreceivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting theallowance account to an amount equal to 10% of year-end accounts receivable.3. On March 31, 2025, the $325,000 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 2025 Incomestatement?2. & 3. What amounts will appear in the 2025 year-end balance sheet for accounts receivable? Calculate the receivables turnover ratiofor 2025.Complete this question by entering your answers in the tabs below.Req 1Req 2 and 3In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain's 2025income statement?Revenue:Income Statement for 2025Expense:

Income statement:An income statement stands for the statement that shows profits and loss of the…

Chamberlain Enterprises Incorporated reported the following receivables in its December 31, 2024, year-end balance sheet: Current assets: Accounts receivable, net of $37,000 in allowance for uncollectible accounts Interest receivable Notes receivable $ 283,000 11,050 390,000

Chamberlain Enterprises Incorporated reported the following receivables in its December 31, 2024, year-end balance sheet: Current assets: Accounts receivable, net of $37,000 in allowance for uncollectible accounts Interest receivable Notes receivable $ 283,000 11,050 390,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 15P: Comprehensive Receivables Problem Blackmon Corporations December 31, 2018, balance sheet disclosed...

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Comprehensive Receivables Problem Blackmon Corporations December 31, 2018, balance sheet disclosed the following information relating to its receivables: The company has a recourse liability of 700 related to a note receivable sold to a bank. During 2019, credit sales (terms, n/EOM) totaled 2,200,000, and collections on accounts receivable (unassigned) amounted to 1,900,000. Uncollectible accounts totaling 18,000 from several customers were written off, and a 1,350 accounts receivable previously written off was collected. Additionally, the following transactions relating to Blackmons receivables occurred during the year: On December 31, 2019, an aging of the accounts receivable balance indicated the following: Required: 1. Prepare the journal entries to record the preceding receivable transactions during 2019 and the necessary adjusting entry on December 31, 2019. Assume a 360-day year for interest calculations and round calculations to the nearest dollar. 2. Prepare the receivables portion of Blackmons December 31, 2019, balance sheet. 3. Next Level Compute Blackmons accounts receivable turnover in days, assuming a 360-day business year. What is your evaluation of its collection policies? 4. If Blackmon uses IFRS, what might be the heading of the section for the receivables reported in Requirement 2?
TB Problem 7-170 (Algo) Cordova, Incorporated, reported the following... Cordova, Incorporated, reported the following receivables in its December 31, 2023, year-end balance sheet: Current assets: Accounts receivable, net of $50,000 in allowance for uncollectible accounts Interest receivable Notes receivable Additional information: 1. The notes receivable account consists of two notes, a $100,000 note and a $280,000 note. The $100,000 note is dated October 31, 2023, with principal and interest payable on October 31, 2024. The $280,000 note is dated March 31, 2023, with principal and 8% interest payable on March 31, 2024. 2. During 2024, sales revenue totaled $2,100,000, $1,960,000 cash was collected from customers, and $39,000 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 8% of year-end gross accounts receivable. Required: 1. In addition to sales revenue,…
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