AN Jensen Company's general ledger included the following selected accounts (in thousands) at December 31, 2021:
Allowance for doubtful accounts
Bad debt expense
Cost of goods sold
Notes receivable—due in 2022
Notes receivable—due in 2025
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.
Prepare the assets section of the balance sheet.
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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