ST&C's financial statements for the 2015 and 2014 fiscal years contained the following information: Balance Sheets ($ in millions) 2015 2014 Current assets: Accounts receivable, net of allowances for doubtful accounts of $724 and $654 $ 16,732 $ 14,547 Income Statements ($ in millions) 2015 2014 Revenues $ 148,801 $ 132,667 In addition, the statement of cash flows disclosed bad debt expense of $1,436 million in 2015 and $1,052 million in 2014. Required: Determine the amount of actual bad debt write-offs made during 2015. Note: Enter your answer in millions and not in dollars. Determine the amount of cash collected from customers during 2015. Note: Enter your answer in millions and not in dollars. Compute the receivables turnover ratio for 2015. Note: Round your answer to 2 decimal places.
ST&C's financial statements for the 2015 and 2014 fiscal years contained the following information: Balance Sheets ($ in millions) 2015 2014 Current assets: Accounts receivable, net of allowances for doubtful accounts of $724 and $654 $ 16,732 $ 14,547 Income Statements ($ in millions) 2015 2014 Revenues $ 148,801 $ 132,667 In addition, the statement of cash flows disclosed bad debt expense of $1,436 million in 2015 and $1,052 million in 2014. Required: Determine the amount of actual bad debt write-offs made during 2015. Note: Enter your answer in millions and not in dollars. Determine the amount of cash collected from customers during 2015. Note: Enter your answer in millions and not in dollars. Compute the receivables turnover ratio for 2015. Note: Round your answer to 2 decimal places.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
ST&C's financial statements for the 2015 and 2014 fiscal years contained the following information:
Balance Sheets ($ in millions) 2015 2014
Current assets:
Accounts receivable , net of allowances for doubtful accounts of $724 and $654 $ 16,732 $ 14,547
Income Statements ($ in millions) 2015 2014
Revenues $ 148,801 $ 132,667
In addition, the statement of cash flows disclosed bad debt expense of $1,436 million in 2015 and $1,052 million in 2014.
Required:
Determine the amount of actual bad debt write-offs made during 2015.
Note: Enter your answer in millions and not in dollars.
Determine the amount of cash collected from customers during 2015.
Note: Enter your answer in millions and not in dollars.
Compute the receivables turnover ratio for 2015.
Note: Round your answer to 2 decimal places.
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