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A recent annual report for NPS contained the following data: Adcounts receivable Les Allowance for doubtful accounts Net accounts receivable Net salus (uurune all on credit) (dollar in thousands Current Year Previour $ 3.647.000 $ 4.537.000 181.000 145.000 31122.466.000 $14312000 $ 35, 697000 Required: 1. Determine the receivables turnover ratio and average days sales in recewables for the current yeat (Use 365 days a year. Do not round intermediate calculations. Enter your answers in thousands not in dollars.) Receivables Turnover Ratio Numerator Denominator O timer Average Days Sales in Receivables Numerator Denominator 0 days Chou Company uses me aging approach to estimate baddett expense The ending balance of each account receivable is aged on the basis of three time periods as follows it not yet due $278.000, (2) up to 120 days past due, 559,000, and (3) more than 120 days past dut. S23 000. Experience as shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibles 25 percent. (2) 12 percent, and 31 31 percent, respectively At December 31, the end of the current year, the Allowance for Doubtful Account balance 5100 (credit before the end of period adjusting entry is made Required: 1. Prepare the appropriate ad debit expense adjusting entry for the current year 2 Show how the various accounts related to accounts receivable should be shown on the December 31 current year, balance sheet Complete this question by entering your answers in the tabs below. Red Prepare the appropriate to expense adjusting entry for the current year. If not is required for transactionevento Journal entry in the first account) View at det Journal entry worksheet 1 Record the adjusting journal entry for bad debt expense. Enter debts before credits Det Dale December 31 Chou Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows (not yet due $278.000 (2) up to 120 days past due, 559,000, and (3) more than 120 days past due $23.000 Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 2.5 percent. (2) 12 percent and (3) 31 percent, respectively. At December 31, the end of the current year, the Allowance for Doubtful Accounts balance is $100 (credit) before the end of period adjusting entry is made Required: 1. Prepare the appropriate bad debt expense adjusting entry for the current yea. 2. Show how the various accounts related to accounts recewable should be shown on the December 31, current year, balance sheet Complete this question by entering your answers in the tabs below. Required Required 2 Show how the various accounts related to accounts receivable should be shown on the December 31, current year, balance sheet. (Amounts to be deducted should be indicated by a minus sign.) CHOU COMPANY Partial Balance Sheet As of December 31

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