AN Jensen Company's general ledger included the following selected accounts (in thousands) at December 31, 2021:Accounts payable$1,077.3Accounts receivable590.4Accumulated depreciation—equipment858.7Allowance for doubtful accounts35.4Bad debt expense91.3Cash395.6Cost of goods sold660.4Equipment1,732.8Interest revenue19.7Merchandise inventory630.9Notes receivable—due in 202296.0Notes receivable—due in 2025191.1Prepaid expenses20.1Sales4,565.5Sales discounts31.3Short-term investments194.9Supplies21.7Unearned revenue56.3Additional information:1.On December 31, 2020, Accounts Receivable was $611.1 thousand and the Allowance for Doubtful Accounts was $36.6 thousand.2.The receivables turnover was 8.3 the previous year.Instructionsa.  Prepare the assets section of the balance sheet.b.  Calculate the receivables turnover and average collection period. Compare these results with the previous year's results and comment on any trends

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Asked Nov 21, 2019
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AN Jensen Company's general ledger included the following selected accounts (in thousands) at December 31, 2021:

Accounts payable

$1,077.3

Accounts receivable

590.4

Accumulated depreciation—equipment

858.7

Allowance for doubtful accounts

35.4

Bad debt expense

91.3

Cash

395.6

Cost of goods sold

660.4

Equipment

1,732.8

Interest revenue

19.7

Merchandise inventory

630.9

Notes receivable—due in 2022

96.0

Notes receivable—due in 2025

191.1

Prepaid expenses

20.1

Sales

4,565.5

Sales discounts

31.3

Short-term investments

194.9

Supplies

21.7

Unearned revenue

56.3

Additional information:

1.On December 31, 2020, Accounts Receivable was $611.1 thousand and the Allowance for Doubtful Accounts was $36.6 thousand.

2.The receivables turnover was 8.3 the previous year.

Instructions

a.  

Prepare the assets section of the balance sheet.

b.  

Calculate the receivables turnover and average collection period. Compare these results with the previous year's results and comment on any trends

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AN Jensen Company Balance sheet (Partial) As on December 31, 2021 Amount('000) Assets $395.60 Cash $590.40 Accounts receivables $555.00 $630.90 $96.00 $20.10 ($35.4) Less: Allowance for Doubtful debts Merchandise inventory Notes receivable (due in 2022) Prepaid expenses short-term investments Supplies $194.90 $21.70 $1,914.20 Current Assets $191.10 Notes receivable (due in 2025) Equipment Less: Accumulated Depreciation- Equipment $1,732.8 $874.10 $2.979.40 $858.7 Total Assets

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