Cordova, Inc., reported the following receivables in its December 31, 2017...
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Cordova, Inc., reported the following receivables in its December 31, 2017 year-end balance sheet Current annet Accounts receivable, net of $53,000 in allowance for uneollectible accounts Interest receivable Notes receivable $385.000 19,700 420,000 Additional information: 1. The notes receivable account consists of two notes, a $110,000 note and a $310.000 note. The $110,000 note is dated October 31 2017, with principal and interest payable on October 31, 2018. The $310,000 note is dated March 31 2017 with principal and X interest payable on March 31, 2018 2. During 2018, sales revenue totaled $2.130,000 $1,990,000 cash was collected from customers, and $42,000 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 9% of year-end gross accounts receivable earn Cordova 2018 income Required: 1. In addition to sales revenue, what revenue and expense amounts related to receivables will l statement? 2. Calculate the receivables turnover ratio for 2018. (Round your answer to 2 decimal places db expense unts receivable mover ratio
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