Question
In: Accounting
Minta Corporation is a leading manufacturer of sports apparel, shoes, and equipment. The company’s 2017 financial...
Minta Corporation is a leading manufacturer of sports apparel,
shoes, and equipment. The company’s 2017 financial statements
contain the following information ($ in millions):
| 2017 | 2016 | ||||
| Balance sheets: | |||||
| Accounts receivable, net | $ | 4,282 | $ | 3,846 | |
| Income statements: | |||||
| Sales revenue | $ | 36,055 | $ | 34,081 | |
A note disclosed that the allowance for uncollectible accounts had
a balance of $30 million and $54 million at the end of 2017 and
2016, respectively. Bad debt expense for 2017 was $51 million.
Assume that all sales are made on a credit basis.
Required:
1. What is the amount of gross (total) accounts
receivable due from customers at the end of 2017 and 2016?
2. What is the amount of bad debt write-offs
during 2017?
3. Analyze changes in the gross accounts
receivable account to calculate the amount of cash received from
customers during 2017.
4. Analyze changes in net accounts receivable to
calculate the amount of cash received from customers during
2017.
Solutions
Expert Solution
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ekkarill92 answered 1 year agoRelated Solutions
Minta Corporation is a leading manufacturer of sports apparel, shoes, and equipment. The company’s 2017 financial...
Minta Corporation is a leading manufacturer of sports apparel,
shoes, and equipment. The company’s 2017 financial statements
contain the following information ($ in millions):
2017
2016
Balance sheets:
Accounts receivable, net
$
4,117
$
3,681
Income statements:
Sales revenue
$
35,590
$
33,616
A note disclosed that the allowance for uncollectible accounts had
a balance of $27 million and $51 million at the end of 2017 and
2016, respectively. Bad debt expense for 2017 was $48 million.
Assume that all...
Minta Corporation is a leading manufacturer of sports apparel, shoes, and equipment. The company’s 2017 financial...
Minta Corporation is a leading manufacturer of sports apparel,
shoes, and equipment. The company’s 2017 financial statements
contain the following information ($ in millions):
2017
2016
Balance sheets:
Accounts receivable, net
$
4,667
$
4,231
Income statements:
Sales revenue
$
37,140
$
35,166
A note disclosed that the allowance for uncollectible accounts had
a balance of $37 million and $61 million at the end of 2017 and
2016, respectively. Bad debt expense for 2017 was $58 million.
Assume that all...
Minta Corporation is a leading manufacturer of sports apparel, shoes, and equipment. The company’s 2017 financial...
Minta Corporation is a leading manufacturer of sports apparel,
shoes, and equipment. The company’s 2017 financial statements
contain the following information ($ in millions):
2017
2016
Balance sheets:
Accounts receivable, net
$
4,282
$
3,846
Income statements:
Sales revenue
$
36,055
$
34,081
A note disclosed that the allowance for uncollectible accounts had
a balance of $30 million and $54 million at the end of 2017 and
2016, respectively. Bad debt expense for 2017 was $51 million.
Assume that all...
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2020
Balance sheets:
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$3,406
Income statements:
Sales revenue
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$32,841
A note disclosed that the allowance for uncollectible accounts had
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2021
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2015
2014
Balance sheets:
Accounts receivable, net
$
3,832
$
3,847
Income statements:
Sales revenue
$
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