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Analysis of Accounts Receivable and Allowance for Doubtful Accounts (FSET) Steelcase, Inc., reported the following amounts in its 2020 and 2019 10-K reports (years ended February 28, 2020, and February 22, 2019). ($ millions) From the income statement: 2020 2019 Revenue $5,213.20 $4,820.50. From the balance sheet: Accounts receivable, net 521.4 546.4 Customer deposits 40 28 From the disclosure on allowance for doubtful accounts: Balance at beginning of period 12.1 15.5 Additions (reductions) charged to income 10.2 7.7 Adjustments or deductions (9.2) 13.1 (11.1) 12.1 Balance at end of period a. Report (1) the write-off of accounts receivable as uncollectible in 2020 and (2) the provision for doubtful accounts (bad debt expense) for 2020 using the financial statement effects template. Note: Use a negative sign with your answers, when appropriate. Balance Sheet Income Statement Transaction Cash Asset Noncash Assets Contra Assets Liabilities Contributed Capital Earned Capital Net Revenues Expenses Income 1. Write-off of uncollectible accounts. 0 0 0+ 2. Recognize bad debts expense. 0 + 0 0 0 0 0 0 b. Calculate Steelcase's gross receivables for the years given, and then determine the allowance for doubtful accounts as a percentage of the gross receivables. Note: Round Allowance as a % of gross receivables answers to two decimal places. Gross receivables Allowance as a % of gross receivables 2020 2019 0 0% 0% c. Calculate Steelcase's accounts receivable turnover for 2020. (Use Accounts receivable, net for the calculation.) Note: Round answer to two decimal places. 0 times. d. How much cash did Steelcase receive from customers in 2020? $ 0

Analysis of Accounts Receivable and Allowance for Doubtful Accounts (FSET) Steelcase, Inc., reported the following amounts in its 2020 and 2019 10-K reports (years ended February 28, 2020, and February 22, 2019). ($ millions) From the income statement: 2020 2019 Revenue $5,213.20 $4,820.50. From the balance sheet: Accounts receivable, net 521.4 546.4 Customer deposits 40 28 From the disclosure on allowance for doubtful accounts: Balance at beginning of period 12.1 15.5 Additions (reductions) charged to income 10.2 7.7 Adjustments or deductions (9.2) 13.1 (11.1) 12.1 Balance at end of period a. Report (1) the write-off of accounts receivable as uncollectible in 2020 and (2) the provision for doubtful accounts (bad debt expense) for 2020 using the financial statement effects template. Note: Use a negative sign with your answers, when appropriate. Balance Sheet Income Statement Transaction Cash Asset Noncash Assets Contra Assets Liabilities Contributed Capital Earned Capital Net Revenues Expenses Income 1. Write-off of uncollectible accounts. 0 0 0+ 2. Recognize bad debts expense. 0 + 0 0 0 0 0 0 b. Calculate Steelcase's gross receivables for the years given, and then determine the allowance for doubtful accounts as a percentage of the gross receivables. Note: Round Allowance as a % of gross receivables answers to two decimal places. Gross receivables Allowance as a % of gross receivables 2020 2019 0 0% 0% c. Calculate Steelcase's accounts receivable turnover for 2020. (Use Accounts receivable, net for the calculation.) Note: Round answer to two decimal places. 0 times. d. How much cash did Steelcase receive from customers in 2020? $ 0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Analysis of Accounts Receivable and Allowance for Doubtful Accounts (FSET) Steelcase, Inc., reported the following amounts in its 2020 and 2019 10-K reports (years ended February 28, 2020, and February 22, 2019). ($ millions) From the income statement: 2020 2019 Revenue $5,213.20 $4,820.50. From the balance sheet: Accounts receivable, net 521.4 546.4 Customer deposits 40 28 From the disclosure on allowance for doubtful accounts: Balance at beginning of period 12.1 15.5 Additions (reductions) charged to income 10.2 7.7 Adjustments or deductions (9.2) 13.1 (11.1) 12.1 Balance at end of period a. Report (1) the write-off of accounts receivable as uncollectible in 2020 and (2) the provision for doubtful accounts (bad debt expense) for 2020 using the financial statement effects template. Note: Use a negative sign with your answers, when appropriate. Balance Sheet Income Statement Transaction Cash Asset Noncash Assets Contra Assets Liabilities Contributed Capital Earned Capital Net Revenues Expenses Income 1. Write-off of uncollectible accounts. 0 0 0+ 2. Recognize bad debts expense. 0 + 0 0 0 0 0 0 b. Calculate Steelcase's gross receivables for the years given, and then determine the allowance for doubtful accounts as a percentage of the gross receivables. Note: Round Allowance as a % of gross receivables answers to two decimal places. Gross receivables Allowance as a % of gross receivables 2020 2019 0 0% 0% c. Calculate Steelcase's accounts receivable turnover for 2020. (Use Accounts receivable, net for the calculation.) Note: Round answer to two decimal places. 0 times. d. How much cash did Steelcase receive from customers in 2020? $ 0
Transcribed Image Text:Analysis of Accounts Receivable and Allowance for Doubtful Accounts (FSET) Steelcase, Inc., reported the following amounts in its 2020 and 2019 10-K reports (years ended February 28, 2020, and February 22, 2019). ($ millions) From the income statement: 2020 2019 Revenue $5,213.20 $4,820.50. From the balance sheet: Accounts receivable, net 521.4 546.4 Customer deposits 40 28 From the disclosure on allowance for doubtful accounts: Balance at beginning of period 12.1 15.5 Additions (reductions) charged to income 10.2 7.7 Adjustments or deductions (9.2) 13.1 (11.1) 12.1 Balance at end of period a. Report (1) the write-off of accounts receivable as uncollectible in 2020 and (2) the provision for doubtful accounts (bad debt expense) for 2020 using the financial statement effects template. Note: Use a negative sign with your answers, when appropriate. Balance Sheet Income Statement Transaction Cash Asset Noncash Assets Contra Assets Liabilities Contributed Capital Earned Capital Net Revenues Expenses Income 1. Write-off of uncollectible accounts. 0 0 0+ 2. Recognize bad debts expense. 0 + 0 0 0 0 0 0 b. Calculate Steelcase's gross receivables for the years given, and then determine the allowance for doubtful accounts as a percentage of the gross receivables. Note: Round Allowance as a % of gross receivables answers to two decimal places. Gross receivables Allowance as a % of gross receivables 2020 2019 0 0% 0% c. Calculate Steelcase's accounts receivable turnover for 2020. (Use Accounts receivable, net for the calculation.) Note: Round answer to two decimal places. 0 times. d. How much cash did Steelcase receive from customers in 2020? $ 0
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