7-5 (Algo) Receivables; bad debts and returns; Gemstone Products [LO7-4, 7-5] 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 ($ in thousands): Current assets: 2016 2015 Receivables, less allowances of $131,875 in 2016 and $87,475 in 2015 $ 459,900 $ 440,500 A disclosure note accompanying the financial statements reported the following ($ in thousands) Calculation of account receivables, net: Receivables Less: allowance for doubtful accounts Less: reserve for product returns Trade accounts receivable, net: Year Ended 2016 (In thousands) $ 591,775 (122,975) (8,900) $ 459,900 2015 (In thousands) $ 527,975 (77,675) (9,800) $ 440,500 Assume that the company reported bad debt expense in 2016 of $191,500 and had products returned for credit totaling $187,075 (sales price). Net sales for 2016 were $5,603,800 ($ 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? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 4 What is the amount of accounts receivable due from customers at the end of 2016 and 2015? Note: Enter your answers in thousands. 2016 Accounts receivable (gross) $ 591,775 2015 523,975 < Req 1 Req 2 to 4 > Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 4 What amount of accounts receivable did Gemston Products write off during 2016? What is the amount of Gemston Product's gross sales for the 2016 fiscal year? Assuming that all sales are made on a credit basis, what is the amount of cash Gemston Products collected from customers during the 2016 fiscal year? Note: Enter your answers in thousands. Amount 2. Accounts receivable write off S 148,200 3. Gross sales S 188,175x 4. Cash collections $ 5,461,675 Show less