Question

Symantec Corp., located in Cupertino, California, is one of the world's largest producers of security and systems management software. The company's consolidated balance sheets for the 2009 and 2008 fiscal years included the following ($ in thousands):

	2009			2008
Current assets:
Receivables, less allowances of $22,851 in       2009 and $25,174 in 2008	$	839,410		$	759,400

    

A disclosure note accompanying the financial statements reported the following ($ in thousands):

	Year Ended
	2009		2008
	(In thousands)
Trade accounts receivable, net:
Receivables	$	862,261	$	784,574
Less: allowance for doubtful accounts		(9,043)		(9,095)
Less: reserve for product returns		(13,808)		(16,079)
Trade accounts receivable, net:	$	839,410	$	759,400

Assume that the company reported bad debt expense in 2009 of $2,700 and had products returned for credit totaling $3,335 (sales price). Net sales for 2009 were $6,209,800 (all numbers in thousands).

Required:

1.	What is the amount of accounts receivable due from customers at the end of 2009 and 2008? (Enter your answers in thousands.)

      

2.	What amount of accounts receivable did Symantec write off during 2009? (Enter your answer in thousands.)

      

3.	What is the amount of Symantec's gross sales for the 2009 fiscal year? (Enter your answer in thousands.)

      

4.	Assuming that all sales are made on a credit basis, what is the amount of cash Symantec collected from customers during the 2009 fiscal year? (Enter your answer in thousands.)

     

Answer 1