Cordova, Incorporated, reported the following receivables in its December yearend balance sheet:
Additional information:
The notes receivable account consists of two notes, a $ note and a $ note. The $ note is
dated October with principal and interest payable on October The $ note is dated March
with principal and interest payable on March
During sales revenue totaled $$ cash was collected from customers, and $ in
accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at yearend
by adjusting the allowance account to an amount equal to of yearend gross accounts receivable.
Required:
In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Cordova's
income statement?
Calculate the receivables turnover ratio for
Note: Round your answer to decimal places.
