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contain the following information ($ in millions): 2017 2016 Balance sheets: Accounts receivable, net Income statements: $ 4,612 $ 4,176 Sales revenue $36,985 $35,011 A note disclosed that the allowance for uncollectible accounts had a balance of $36 million and $60 million at the end of 2017 and 2016, respectively. Bad debt expense for 2017 was $57 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 following Accounts Receivable (gross) T-account to calculate the amount of cash received from customers during 2017. 4. Analyze changes in the following Accounts Receivable (net) T-account to calculate the amount of cash received from customers 0017

contain the following information ($ in millions): 2017 2016 Balance sheets: Accounts receivable, net Income statements: $ 4,612 $ 4,176 Sales revenue $36,985 $35,011 A note disclosed that the allowance for uncollectible accounts had a balance of $36 million and $60 million at the end of 2017 and 2016, respectively. Bad debt expense for 2017 was $57 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 following Accounts Receivable (gross) T-account to calculate the amount of cash received from customers during 2017. 4. Analyze changes in the following Accounts Receivable (net) T-account to calculate the amount of cash received from customers 0017

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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**Minta Corporation Financial Overview (2017)** Minta Corporation, a leading manufacturer of sports apparel, shoes, and equipment, provides the following 2017 financial data ($ in millions): **Balance Sheets:** - **Accounts Receivable, Net:** - 2017: $4,612 - 2016: $4,176 **Income Statements:** - **Sales Revenue:** - 2017: $36,985 - 2016: $35,011 A disclosed note indicates the allowance for uncollectible accounts had a balance of $36 million at the end of 2017 and $60 million at the end of 2016. The bad debt expense for 2017 was $57 million. It is assumed that all sales were made on a credit basis. **Required Analysis:** 1. **Amount of Gross (Total) Accounts Receivable:** - Calculate the total accounts receivable due from customers at the end of 2017 and 2016. 2. **Bad Debt Write-offs during 2017:** - Determine the amount of bad debt that was written off during 2017. 3. **Accounts Receivable (Gross) T-account Analysis:** - Analyze changes to calculate the amount of cash received from customers during 2017. 4. **Accounts Receivable (Net) T-account Analysis:** - Analyze changes to determine the amount of cash received from customers during 2017. This information provides insight into Minta Corporation's financial health, specifically its receivables management and sales performance.
Transcribed Image Text:**Minta Corporation Financial Overview (2017)** Minta Corporation, a leading manufacturer of sports apparel, shoes, and equipment, provides the following 2017 financial data ($ in millions): **Balance Sheets:** - **Accounts Receivable, Net:** - 2017: $4,612 - 2016: $4,176 **Income Statements:** - **Sales Revenue:** - 2017: $36,985 - 2016: $35,011 A disclosed note indicates the allowance for uncollectible accounts had a balance of $36 million at the end of 2017 and $60 million at the end of 2016. The bad debt expense for 2017 was $57 million. It is assumed that all sales were made on a credit basis. **Required Analysis:** 1. **Amount of Gross (Total) Accounts Receivable:** - Calculate the total accounts receivable due from customers at the end of 2017 and 2016. 2. **Bad Debt Write-offs during 2017:** - Determine the amount of bad debt that was written off during 2017. 3. **Accounts Receivable (Gross) T-account Analysis:** - Analyze changes to calculate the amount of cash received from customers during 2017. 4. **Accounts Receivable (Net) T-account Analysis:** - Analyze changes to determine the amount of cash received from customers during 2017. This information provides insight into Minta Corporation's financial health, specifically its receivables management and sales performance.
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