Minta Corporation, is a leading manufacturer of sports apparel, shoes, and equipment. The company's 2020 financial statements contain the following information ($ in millions):2020$ 3,5742292019$ 5,09775Balance sheets:Accounts receivable, netAllowance for uncollectible accountsIncome statements:Sales revenueStatement of Cash Flows:Amortization, impairment and other Decrease in accounts receivable$ 39,7284131,254Assume that all sales are made on a credit basis.Required:What is the amount of gross (total) accounts receivable due from customers at the end of 2020 and2019?Assume that bad debt expense is included in "amortization, impairment and other," such that the2020 decrease in accounts receivable of $1,254 reflects only the difference between sales and collections. Prepare a T account that depicts how sales, collections, bad debt expense, and writeoffs of bad debts affect the balance of net accounts receivable with a debit, a credit or not at all, and estimate Minta's 2020 bad debt expense.Prepare a T account that depicts how bad debt expense and writeoffs of bad debts affect the balance of the allowance for uncollectible accounts with a debit, credit or not at all, and estimate the amount of bad debts written off by Minta during 2020.Analyze changes in the gross accounts receivable account to calculate the amount of cash received from customers during 2020.Analyze changes in net accounts receivable to calculate the amount of cash received from customers during 2020.Analyze changes in the gross accounts receivable account to calculate the amount of cash received from customers during 2020. Create a T account Analyze changes in net accounts receivable to calculate the amount of cash received from customers during 2020. Create a T account make sure to create T accounts for 4 and 5 that's what I'm really trying to learn to do Minta Corporation is a leading manufacturer of sports apparel, shoes, and equipment. The company’s 2020 financial statements contain the following information ($ in millions):### Balance Sheets:- **2020 Accounts Receivable, Net:** $3,574 - **2019 Accounts Receivable, Net:** $5,097 - **Allowance for Uncollectible Accounts:** - 2020: $229 - 2019: $75 ### Income Statements:- **Sales Revenue:** $39,728### Statement of Cash Flows:- **Amortization, Impairment, and Other:** $413- **Decrease in Accounts Receivable:** $1,254**Assumption:** All sales are made on a credit basis.### Required:1. **Gross Accounts Receivable:** Calculate the total accounts receivable due from customers at the end of 2020 and 2019.2. **Bad Debt Expense Analysis:** - Assume bad debt expense is included in "amortization, impairment and other." - The 2020 decrease in accounts receivable of $1,254 reflects only the difference between sales and collections. - Prepare a T-account showing how sales, collections, bad debt expense, and write-offs of bad debts affect the balance of net accounts receivable, and estimate Minta’s 2020 bad debt expense.3. **Allowances Analysis:** - Prepare a T-account for bad debt expense and write-offs. - Consider the allowance for uncollectible accounts with a debit, credit, or not at all. - Estimate the amount of bad debts written off by Minta during 2020.4. **Cash Received Analysis:** Analyze changes in the gross accounts receivable account to calculate the amount of cash received from customers during 2020.5. **Net Accounts Receivable Analysis:** Analyze changes in net accounts receivable to calculate the amount of cash received from customers during 2020.

Gross Accounts Receivable is the asset account in the ledger that reflects the total amount owed to…

Answered: Minta Corporation, is a leading…

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, is a leading manufacturer of sports apparel, shoes, and equipment. The company's 2020 financial statements contain the following information ($ in millions):

2020

$ 3,574

229

2019

$ 5,097

Balance sheets:

Accounts receivable, net

Allowance for uncollectible accounts

Income statements:

Sales revenue

Statement of Cash Flows:

Amortization, impairment and other Decrease in accounts receivable

$ 39,728

413

1,254

Assume that all sales are made on a credit basis.

Required:

What is the amount of gross (total) accounts receivable due from customers at the end of 2020 and
2019?
Assume that bad debt expense is included in "amortization, impairment and other," such that the

2020 decrease in accounts receivable of $1,254 reflects only the difference between sales and collections. Prepare a T account that depicts how sales, collections, bad debt expense, and writeoffs of bad debts affect the balance of net accounts receivable with a debit, a credit or not at all, and estimate Minta's 2020 bad debt expense.

Prepare a T account that depicts how bad debt expense and writeoffs of bad debts affect the balance of the allowance for uncollectible accounts with a debit, credit or not at all, and estimate the amount of bad debts written off by Minta during 2020.
Analyze changes in the gross accounts receivable account to calculate the amount of cash received from customers during 2020.
Analyze changes in net accounts receivable to calculate the amount of cash received from customers during 2020.
Analyze changes in the gross accounts receivable account to calculate the amount of cash received from customers during 2020. Create a T account
Analyze changes in net accounts receivable to calculate the amount of cash received from customers during 2020. Create a T account

make sure to create T accounts for 4 and 5 that's what I'm really trying to learn to do

Minta Corporation is a leading manufacturer of sports apparel, shoes, and equipment. The company’s 2020 financial statements contain the following information ($ in millions):

### Balance Sheets:
- **2020 Accounts Receivable, Net:** $3,574
- **2019 Accounts Receivable, Net:** $5,097
- **Allowance for Uncollectible Accounts:**
- 2020: $229
- 2019: $75

### Income Statements:
- **Sales Revenue:** $39,728

### Statement of Cash Flows:
- **Amortization, Impairment, and Other:** $413
- **Decrease in Accounts Receivable:** $1,254

**Assumption:** All sales are made on a credit basis.

### Required:
1. **Gross Accounts Receivable:** Calculate the total accounts receivable due from customers at the end of 2020 and 2019.
2. **Bad Debt Expense Analysis:**
- Assume bad debt expense is included in "amortization, impairment and other."
- The 2020 decrease in accounts receivable of $1,254 reflects only the difference between sales and collections.
- Prepare a T-account showing how sales, collections, bad debt expense, and write-offs of bad debts affect the balance of net accounts receivable, and estimate Minta’s 2020 bad debt expense.
3. **Allowances Analysis:**
- Prepare a T-account for bad debt expense and write-offs.
- Consider the allowance for uncollectible accounts with a debit, credit, or not at all.
- Estimate the amount of bad debts written off by Minta during 2020.
4. **Cash Received Analysis:** Analyze changes in the gross accounts receivable account to calculate the amount of cash received from customers during 2020.
5. **Net Accounts Receivable Analysis:** Analyze changes in net accounts receivable to calculate the amount of cash received from customers during 2020.

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Minta Corporation, is a leading manufacturer of sports apparel, shoes, and equipment. The company's 2020 financial statements contain the following information ($ in millions): 2020 $ 3,574 229 2019 $ 5,097 75 Balance sheets: Accounts receivable, net