!Required informationORANGEAIDConsolidated Balance Sheets (partial)December31, 20x2December(in millions)31, 20x3AssetsCurrent assets:Cash and cash equivalentsAccounts receivable (net of allowances of $14and $21, respectively)$221$ 75529543Consolidated Statements of Income (partial)For the Year Ended December 31(in millions)20x320x220x1Net sales2424$45,4968675,6205,494Net income241,074762The company also reported bad debt expense of $6 million in 20x3, $12 million in 20x2, and $8 million in 20x1.Required:1. Record the company's write-offs of uncollectible accounts for 20x3.2. Assuming all sales were on credit, what amount of cash did OrangeAid collect from customers in 20x3?3. Compute the company's net profit margin for the three years presented.Complete this question by entering your answers in the tabs below.%24

Uncollectible accounts are receivables, loans, or other commitments that are unlikely to be paid. An…

ORANGEAID Consolidated Balance Sheets (partial) December December (in millions) 31, 20х3 31, 20х2 Assets Current assets: Cash and cash equivalents Accounts receivable (net of allowances of $14 and $21, respectively) $ 221 $ 75 529 543 Consolidated Statements of Income (partial) For the Year Ended December 31 (in millions) 20x3 20x2 20x1 Net sales 5,620 2$ 5,496 5,494 Net income $. 1,074 $4 867 $4 762

ORANGEAID Consolidated Balance Sheets (partial) December December (in millions) 31, 20х3 31, 20х2 Assets Current assets: Cash and cash equivalents Accounts receivable (net of allowances of $14 and $21, respectively) $ 221 $ 75 529 543 Consolidated Statements of Income (partial) For the Year Ended December 31 (in millions) 20x3 20x2 20x1 Net sales 5,620 2$ 5,496 5,494 Net income $. 1,074 $4 867 $4 762

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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