Receivables using Columbia Sportswear 2017 Annual Report Income Statement Net sales Cost of sales Gross profit Selling, general and administrative expenses Net licensing income Income from operations Interest income, net Interest expense on note payable to related party (Note 21) Other non-operating expense Income before income tax Income tax expense (Note 10) Net income Trade accounts receivable Allowance for doubtful accounts Accounts receivable, net Year Ended December 31, 1. What was bad debt expense for 2017? 2017 2016 $ 2,466,105 $2,377,045 $2 1,306,143 1,266,697 1 1,159,962 1,110,348 1 910,894 864,084 13,901 10,244 262,969 256,508 4,515 (429) (321) 266,734 (154,419) 112,315 Other information Columbia Sportswear reported net accounts receivables on its balance sheet of $364,862. In another footnote, they disclosed that write-offs of receivables were $2,809. In the footnotes, they provided the following information: 2,003 (1,041) (572) 256,898 (58,459) 198,439 December 31, 2017 2016 $ 373,905 $ 342,234 (9,043) (8,556 $364,862 $ 333,678
Receivables using Columbia Sportswear 2017 Annual Report Income Statement Net sales Cost of sales Gross profit Selling, general and administrative expenses Net licensing income Income from operations Interest income, net Interest expense on note payable to related party (Note 21) Other non-operating expense Income before income tax Income tax expense (Note 10) Net income Trade accounts receivable Allowance for doubtful accounts Accounts receivable, net Year Ended December 31, 1. What was bad debt expense for 2017? 2017 2016 $ 2,466,105 $2,377,045 $2 1,306,143 1,266,697 1 1,159,962 1,110,348 1 910,894 864,084 13,901 10,244 262,969 256,508 4,515 (429) (321) 266,734 (154,419) 112,315 Other information Columbia Sportswear reported net accounts receivables on its balance sheet of $364,862. In another footnote, they disclosed that write-offs of receivables were $2,809. In the footnotes, they provided the following information: 2,003 (1,041) (572) 256,898 (58,459) 198,439 December 31, 2017 2016 $ 373,905 $ 342,234 (9,043) (8,556 $364,862 $ 333,678
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
Receivables
Transcribed Image Text:Receivables using Columbia Sportswear 2017 Annual Report
Income Statement
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Net licensing income
Income from operations
Interest income, net
Interest expense on note payable to related party (Note 21)
Other non-operating expense
Income before income tax
Income tax expense (Note 10)
Net income
In the footnotes, they provided the following information:
T
Trade accounts receivable
Allowance for doubtful accounts
Accounts receivable, net
1. What was bad debt expense for 2017?
Using the following T account if helpful.
Allowance for bad debts
8556
3296
Other information
Columbia Sportswear reported net accounts receivables on its balance sheet of $364,862.
In another footnote, they disclosed that write-offs of receivables were $2,809.
2809
9043
2. Did Columbia Sportswear collect cash faster or
slower in 2017 as compared to 2016?
To aid you complete the following schedule
% of Sales uncollected at the end of 2017
% of Sales uncollected at the end of 2016
Year Ended December 31,
2017
2016
$2,466,105 $ 2,377,045 $2
1,306,143 1,266,697 1
1,159,962
1,110,348 1
910,894
864,084
13,901
10,244
262,969
256,508
4,515
2,003
(1,041)
(572)
(429)
(321)
266,734
(154,419)
112,315
256,898
(58,459)
198,439
S
Faster
Slower
2017
2016
342,234
373,905 $
(9,043)
(8,556)
S 364,862 $ 333,678
December 31,
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