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 $57 million. Assume that all sales are made on a credit basis. Required: 1. What is the amount of gross (total) accounts receivable due from customers at the end of 2017 and 2016? 2. What is the amount of bad debt write-offs during 2017? 3. Analyze changes in the following Accounts Receivable (gross) T-account to calculate the amount of cash received from customers during 2017. 4. Analyze changes in the following Accounts Receivable (net) T-account to calculate the amount of cash received from customers 0017
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Required 1-4?
![**Minta Corporation Financial Overview (2017)**
Minta Corporation, a leading manufacturer of sports apparel, shoes, and equipment, provides the following 2017 financial data ($ 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 $57 million. It is assumed that all sales were made on a credit basis.
**Required Analysis:**
1. **Amount of Gross (Total) Accounts Receivable:**
- Calculate the total accounts receivable due from customers at the end of 2017 and 2016.
2. **Bad Debt Write-offs during 2017:**
- Determine the amount of bad debt that was written off during 2017.
3. **Accounts Receivable (Gross) T-account Analysis:**
- Analyze changes to calculate the amount of cash received from customers during 2017.
4. **Accounts Receivable (Net) T-account Analysis:**
- Analyze changes to determine the amount of cash received from customers during 2017.
This information provides insight into Minta Corporation's financial health, specifically its receivables management and sales performance.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcd8b507a-7581-4c1d-984c-cb52a1dbcfc9%2Fd11b0b01-f648-4060-a275-5ab395ccdefa%2F5oawx5_processed.png&w=3840&q=75)
Transcribed Image Text:**Minta Corporation Financial Overview (2017)**
Minta Corporation, a leading manufacturer of sports apparel, shoes, and equipment, provides the following 2017 financial data ($ 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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