please need answer for all with all working and steps Complete this question by entering your answers in the tabs below.Req 1Req 2 to 4What amount of accounts receivable did Gemston Products write off during 2016? What is the amount of Gemston Product'sgross sales for the 2016 fiscal year? Assuming that all sales are made on a credit basis, what is the amount of cash GemstonProducts collected from customers during the 2016 fiscal year? (Enter your answers in thousands.)2. Accounts receivable write off3.Gross sales4. Cash collections$$9,320715,860< Req 1Reg 2 to 4 > Gemstone Products located in New York City, is one of the world's largest producers of beauty and related products. The company'sconsolidated balance sheets for the 2016 and 2015 fiscal years included the following ($ in thousands):2016Current assets:Receivables, less allowances of $132,340 in2016 and $87,940 in 2015Calculation of account receivables, net:Receivables$460,500Less: allowance for doubtful accountsLess: reserve for product returnsTrade accounts receivable, net:A disclosure note accompanying the financial statements reported the following ($ in thousands)Year Ended2015$440,8002016(In thousands)2015$ 592,840 $528,740(123,020)(9,320)$ 460,500(77,720)(10,220)$440,800Assume that the company reported bad debt expense in 2016 of $191,800 and had products returned for credit totaling $187,120 (salesprice). Net sales for 2016 were $5,618,800 ($ in thousands).Required:1. What is the amount of accounts receivable due from customers at the end of 2016 and 2015?2. What amount of accounts receivable did Gemstone write off during 2016?3. What is the amount of Gemstone's gross sales for the 2016 fiscal year?4. Assuming that all sales are made on a credit basis, what is the amount of cash Gemstone collected from customers during the 2016fiscal year?

Accounts receivable are also referred to as debtors and are one of the elements of the balance sheet…

Required: 1. What is the amount of accounts receivable due from customers at the end of 2016 and 2015? 2. What amount of accounts receivable did Gemstone write off during 2016? 3. What is the amount of Gemstone's gross sales for the 2016 fiscal year? 4. Assuming that all sales are made on a credit basis, what is the amount of cash Gemstone collected from customers during the 2016 fiscal year?