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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 1. What was bad debt expense for 2017? Using the following T account if helpful. 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: Allowance for bad debts 8556 3296 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 1,159,962 1,110,348 910,894 864,084 13,901 10,244 262,969 256,508 4,515 2,003 (1,041) (572) 256,898 (58,459) 198,439 (429) (321) 266,734 (154,419) 112,315 December 31, 2016 2017 $ 373,905 $ 342.234 (9,043) (8,556 $364,862 $333,678 Faster Slower

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 1. What was bad debt expense for 2017? Using the following T account if helpful. 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: Allowance for bad debts 8556 3296 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 1,159,962 1,110,348 910,894 864,084 13,901 10,244 262,969 256,508 4,515 2,003 (1,041) (572) 256,898 (58,459) 198,439 (429) (321) 266,734 (154,419) 112,315 December 31, 2016 2017 $ 373,905 $ 342.234 (9,043) (8,556 $364,862 $333,678 Faster Slower

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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,
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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