General Mills reported the following information in its 2020 financial statements ($ in millions): A note disclosed

Question:

General Mills reported the following information in its 2020 financial statements ($ in millions):

A note disclosed that the allowance for uncollectible accounts had a balance of $33.2 million and $28.8 million at the end of 2020 and 2019, respectively. Bad debt expense for 2020 was $25.9 million.

Required:
Determine the amount of cash collected from customers during 2020.

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Intermediate Accounting

ISBN: 9781264134526

11th Edition

Authors: David Spiceland

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Question Posted: Jun 27, 2022 03:33 AM

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General Mills reported the following information in its 2020 financial statements ($ in millions): A note disclosed

Question:

Balance Sheet: Accounts receivable, net Income statement: Sales revenue 2020 $ 1,615.1 $17,626.6 2019 $1,679.7

Step by Step Answer:

Allowance for uncollectible accounts Balance beginning of year Add Bad debt expense Les...View the full answer

Intermediate Accounting

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