1 Seve Gemstone Products located in New York City, is one of the world's largest producers of beauty and related products. The company's consolidated balance sheets for the 2016 and 2015 fiscal years included the following (S in thousands Current assets: Receivables, less allowances of $134,200 in 2016 and $89,800 in 2015 2016 2815 5462,900 $447,000 A disclosure note accompanying the financial statements reported the following ($ in thousands) Year Ended 2016 2015 Calculation of account receivables, net: Receivables Less: allowance for doubtful accounts Less: reserve for product returns Trade accounts receivable, net: (In thousands) $ 597,100 $531,800 (12),200) (77,500) (11,000) (11,900) 5 462,900 5442,000 Assume that the company reported bad debt expense in 2016 of $193,000 and had products returned for credit totaling $187,300 (sales price). Net sales for 2016 were $5,678,800 ($ 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 2016 fiscal year? Complete this question by entering your answers in the tabs below. Red 1 Req 2 to 4 What is the amount of accounts receivable due from customers at the end of 2016 and 2015? (Enter your answers in thousands) 2016 2015 Accounts receivable (gross) Reg 2 to 4 > Halp Save & Exit