7-3 (Static) Bad debts; Nike, Incorporated [LO7-5] Nike, Incorporated, is a leading manufacturer of sports apparel, shoes, and equipment. The company's 2020 financial statements contain the following information ($ in millions): Balance sheets: Accounts receivable, net Allowance for uncollectible accounts Income statements: Sales revenue Statement of Cash Flows: Amortization, impairment and other Decrease in accounts receivable Assume that all sales are made on a credit basis. Required: 2020 2019 $ 2,749 214 $ 4,272 30 $ 37,403 398 1,239 1. What is the amount of gross (total) accounts receivable due from customers at the end of 2020 and 2019? 2. Assume that bad debt expense is included in "amortization, impairment and other," such that the 2020 decrease in accounts receivable of $1,239 reflects only the difference between sales and collections. Prepare a T account that depicts how sales, collections, bad debt expense, and writeoffs of bad debts affect the balance of net accounts receivable with a debit, a credit or not at all, and estimate Nike's 2020 bad debt expense. 3. Prepare a T account that depicts how bad debt expense and writeoffs of bad debts affect the balance of the allowance for uncollectible accounts with a debit, credit or not at all, and estimate the amount of bad debts written off by Nike during 2020. 4. Analyze changes in the gross accounts receivable account to calculate the amount of cash received from customers during 2020. 5. Analyze changes in the following Accounts Receivable (net) T-account to calculate the amount of cash received from customers during 2020. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 What is the amount of gross (total) accounts receivable due from customers at the end of 2020 and 2019? Note: Enter your answers in millions. 2020 2019 Accounts receivable, gross $ 2,963 $ 4,302 Required 1 Required 2 > Problem 7-3 (Static) Bad debts; Nike, Incorporated [LO7-5] Nike, Incorporated, is a leading manufacturer of sports apparel, shoes, and equipment. The company's 2020 financial statements contain the following information ($ in millions): Balance sheets: Accounts receivable, net Allowance for uncollectible accounts Income statements: Sales revenue Statement of Cash Flows: Amortization, impairment and other Decrease in accounts receivable Assume that all sales are made on a credit basis. Required: 2020 2019 $ 2,749 214 $ 4,272 30 $ 37,403 398 1,239 1. What is the amount of gross (total) accounts receivable due from customers at the end of 2020 and 2019? 2. Assume that bad debt expense is included in "amortization, impairment and other," such that the 2020 decrease in accounts receivable of $1,239 reflects only the difference between sales and collections. Prepare a T account that depicts how sales, collections, bad debt expense, and writeoffs of bad debts affect the balance of net accounts receivable with a debit, a credit or not at all, and estimate Nike's 2020 bad debt expense. 3. Prepare a T account that depicts how bad debt expense and writeoffs of bad debts affect the balance of the allowance for uncollectible accounts with a debit, credit or not at all, and estimate the amount of bad debts written off by Nike during 2020. 4. Analyze changes in the gross accounts receivable account to calculate the amount of cash received from customers during 2020. 5. Analyze changes in the following Accounts Receivable (net) T-account to calculate the amount of cash received from customers during 2020. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Assume that bad debt expense is included in "amortization, impairment and other," such that the 2020 decrease in accounts receivable of $1,239 reflects only the difference between sales and collections. Prepare a T account that depicts how sales, collections, bad debt expense, and writeoffs of bad debts affect the balance of net accounts receivable with a debit, a credit or not at all, and estimate Nike's 2020 bad debt expense. Note: Enter your answers in millions. Accounts Receivable (net) Debit Credit Beginning Balance Ending Balance < Required 1 Required 3 > Show less Problem 7-3 (Static) Bad debts; Nike, Incorporated [LO7-5] Nike, Incorporated, is a leading manufacturer of sports apparel, shoes, and equipment. The company's 2020 financial statements contain the following information ($ in millions): Balance sheets: Accounts receivable, net Allowance for uncollectible accounts Income statements: Sales revenue Statement of Cash Flows: Amortization, impairment and other Decrease in accounts receivable Assume that all sales are made on a credit basis. Required: 2020 $ 2,749 214 $ 37,403 398 1,239 2019 $ 4,272 30 1. What is the amount of gross (total) accounts receivable due from customers at the end of 2020 and 2019? 2. Assume that bad debt expense is included in "amortization, impairment and other," such that the 2020 decrease in accounts receivable of $1,239 reflects only the difference between sales and collections. Prepare a T account that depicts how sales, collections, bad debt expense, and writeoffs of bad debts affect the balance of net accounts receivable with a debit, a credit or not at all, and estimate Nike's 2020 bad debt expense. 3. Prepare a T account that depicts how bad debt expense and writeoffs of bad debts affect the balance of the allowance for uncollectible accounts with a debit, credit or not at all, and estimate the amount of bad debts written off by Nike during 2020. 4. Analyze changes in the gross accounts receivable account to calculate the amount of cash received from customers during 2020. 5. Analyze changes in the following Accounts Receivable (net) T-account to calculate the amount of cash received from customers during 2020. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a T account that depicts how bad debt expense and writeoffs of bad debts affect the balance of the allowance for uncollectible accounts with a debit, credit or not at all, and estimate the amount of bad debts written off by Nike during 2020. Note: Enter your answers in millions. Allowance for Uncollectible Accounts Beginning Balance Debit Credit Ending Balance < Required 2 Required 4 > Problem 7-3 (Static) Bad debts; Nike, Incorporated [LO7-5] Nike, Incorporated, is a leading manufacturer of sports apparel, shoes, and equipment. The company's 2020 financial statements contain the following information ($ in millions): Balance sheets: Accounts receivable, net Allowance for uncollectible accounts Income statements: Sales revenue Statement of Cash Flows: Amortization, impairment and other Decrease in accounts receivable Assume that all sales are made on a credit basis. Required: 2020 2019 $ 2,749 214 $ 4,272 30 $ 37,403 398 1,239 1. What is the amount of gross (total) accounts receivable due from customers at the end of 2020 and 2019? 2. Assume that bad debt expense is included in "amortization, impairment and other," such that the 2020 decrease in accounts receivable of $1,239 reflects only the difference between sales and collections. Prepare a T account that depicts how sales, collections, bad debt expense, and writeoffs of bad debts affect the balance of net accounts receivable with a debit, a credit or not at all, and estimate Nike's 2020 bad debt expense. 3. Prepare a T account that depicts how bad debt expense and writeoffs of bad debts affect the balance of the allowance for uncollectible accounts with a debit, credit or not at all, and estimate the amount of bad debts written off by Nike during 2020. 4. Analyze changes in the gross accounts receivable account to calculate the amount of cash received from customers during 2020. 5. Analyze changes in the following Accounts Receivable (net) T-account to calculate the amount of cash received from customers during 2020. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Analyze changes in the gross accounts receivable account to calculate the amount of cash received from customers during 2020. Note: Enter your answers in millions. Accounts Receivable (gross) Beginning Balance Debit Credit Ending Balance < Required 3 Required 5 > Problem 7-3 (Static) Bad debts; Nike, Incorporated [LO7-5] Nike, Incorporated, is a leading manufacturer of sports apparel, shoes, and equipment. The company's 2020 financial statements contain the following information ($ in millions): Balance sheets: Accounts receivable, net Allowance for uncollectible accounts Income statements: Sales revenue Statement of Cash Flows: Amortization, impairment and other Decrease in accounts receivable Assume that all sales are made on a credit basis. Required: 2020 2019 $ 2,749 214 $ 4,272 30 $ 37,403 398 1,239 1. What is the amount of gross (total) accounts receivable due from customers at the end of 2020 and 2019? 2. Assume that bad debt expense is included in "amortization, impairment and other," such that the 2020 decrease in accounts receivable of $1,239 reflects only the difference between sales and collections. Prepare a T account that depicts how sales, collections, bad debt expense, and writeoffs of bad debts affect the balance of net accounts receivable with a debit, a credit or not at all, and estimate Nike's 2020 bad debt expense. 3. Prepare a T account that depicts how bad debt expense and writeoffs of bad debts affect the balance of the allowance for uncollectible accounts with a debit, credit or not at all, and estimate the amount of bad debts written off by Nike during 2020. 4. Analyze changes in the gross accounts receivable account to calculate the amount of cash received from customers during 2020. 5. Analyze changes in the following Accounts Receivable (net) T-account to calculate the amount of cash received from customers during 2020. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Analyze changes in net accounts receivable to calculate the amount of cash received from customers during 2020. Note: Enter your answers in millions. Accounts Receivable (net) Debit Credit Beginning Balance Ending Balance < Required 4 Required 5 >