Miller Company reported the following information in its 2017 financial statements ($ in millions) 2017 2016 $2,147.8 $1,675.0 $18,477.0 Balance sheet: Accounts receivable, net Income statement: sales revenue A note disclosed that the allowance for uncollectible accounts had a balance of $30.4 million and $301 million at the end of 2017 and 2016, respectively. Bad debt expense for 2017 was $20.4 million Required: Determine the amount of cash collected from customers during 2017 (All sales are on credit. Enter your answer in millions rounded to 1 decimal place (.e., 5,500,000 should be entered 5.5).) S 18.004.5

Miller Company reported the following information in its 2017 financial statements ($ in millions) 2017 2016 $2,147.8 $1,675.0 $18,477.0 Balance sheet: Accounts receivable, net Income statement: sales revenue A note disclosed that the allowance for uncollectible accounts had a balance of $30.4 million and $301 million at the end of 2017 and 2016, respectively. Bad debt expense for 2017 was $20.4 million Required: Determine the amount of cash collected from customers during 2017 (All sales are on credit. Enter your answer in millions rounded to 1 decimal place (.e., 5,500,000 should be entered 5.5).) S 18.004.5

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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What is the net sales of the entity for 2016?
Teal Mountain Distributors, Inc. had net sales in 2017 of $2,450,000. At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $420,000 debit, and Allowance for Doubtful Accounts $2,700 debit. If Teal Mountain estimates that 5% of its receivables will prove to be uncollectible, prepare the December 31, 2017, journal entry to record bad debt expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
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The balance sheet at the end of 2018 reported Accounts Receivable of $785,500 and Allowance for Doubtful Accounts of $11,783 (credit balance). The company’s total sales during 2019 were $8,350,200. Of these, $1,252,530 were cash sales the rest were credit sales. By the end of the year, the company had collected $6,291,700 of accounts receivable. It also wrote off an account for $10,380. Prepare the journal entry for collections. Account Names DR CR Blank 1. Fill in the blank, read surrounding text. Blank 2. Fill in the blank, read surrounding text. Blank 3. Fill in the blank, read surrounding text. Blank 4. Fill in the blank, read surrounding text. Blank 5. Fill in the blank, read surrounding text. Blank 6. Fill in the blank, read surrounding text. Blank 7. Fill in the blank, read surrounding text. Blank 8. Fill in the blank, read surrounding text. Blank 9. Fill in the blank, read surrounding text. Blank 10. Fill in the blank, read surrounding text. Blank 11.…
Presented below is information for Windsor, Inc. for 2017: 1. Beginning-of-the-year Accounts Receivable balance was $173,000. Net sales for the year were $1,400,000. $150,000 of the sales were cash sales. Windsor does not offer cash discounts for 2. early payment. 3. Collections on accounts receivable during the year were $1,202,000. Windsor plans to factor accounts receivable totaling $60,000 at the end of the year. Windsor will transfer the accounts to Herzog Factors, Inc. with recourse. Herzog Factors will retain 3% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $1,600.
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The following data concern Tech Corporation for the 2022 financial year. Credit sales during the year $2 400 000 Accounts receivable 30 June 2022 410 000 Allowance for bad debts 30 June 2022 55 000 Bad debt expense for the year 70 000 What amount will Tech Corporation show on its year-end balance sheet for the net realisable value of its accounts receivable? a. 410 000 b. $285 000 c. $340 000 d. $ 355 000
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