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Problem 7-12 (Algo) Accounts and notes receivable; discounting a note receivable; receivables turnover ratio 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: Additional Information: 1. The notes receivable account consists of two notes, a $75,000 note and a $245,000 note. The $75,000 note is dated October 31,2024 , with principal and interest payable on October 31,2025 . The $245,000 note is dated June 30, 2024, with principal and 8\% interest payable on June 30, 2025. 2. During 2025 , sales revenue totaled $1,400,000,$1,310,000 cash was collected from customers, and $28,000 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. 3. On March 31,2025 , the $245,000 note receivable was discounted at the Bank of Commerce. The bank's discount rate is 10%. 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 income statement? 2. \& 3. What amounts will appear in the 2025 year-end balance sheet for accounts receivable? Calculate the receivables turnover ratio for 2025 . Complete this question by entering your answers in the tabs below. In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain's 2025 income statement? What amounts will appear in the 2025 year-end balance sheet for accounts receivable? Calculate the receivables turnover ratio for 2025 . Note: Round your "Receivable turnover ratio" answer to 1 decimal place

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