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Analysis of Accounts Receivable and Allowance for Doubtful Accounts ( FSET ) Steelcase, Inc., reported the following amounts in its 2 0 2 0 and
Analysis of Accounts Receivable and Allowance for Doubtful Accounts FSET
Steelcase, Inc., reported the following amounts in its and K reports years ended February and February
$ millions
From the income statement:
Revenue $ $
From the balance sheet:
Accounts receivable, net
Customer deposits
From the disclosure on allowance for doubtful accounts:
Balance at beginning of period
Additions reductions charged to income
Adjustments or deductions
Balance at end of period
a Report the writeoff of accounts receivable as uncollectible in and the provision for doubtful accounts bad debt expense for using the financial statement effects template.
Note: Use a negative sign with your answers, when appropriate.
Balance Sheet Income Statement
Cash Noncash Contra Contributed Earned Net
Transaction Asset Assets Assets Liabilities Capital Capital Revenues Expenses Income
Writeoff of uncollectible accounts. Answer
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Recognize bad debts expense. Answer
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b Calculate Steelcases gross receivables for the years given, and then determine the allowance for doubtful accounts as a percentage of the gross receivables.
Note: Round Allowance as a of gross receivables answers to two decimal places.
Gross receivables Answer
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Allowance as a of gross receivables Answer
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c Calculate Steelcases accounts receivable turnover for Use Accounts receivable, net for the calculation.
Note: Round answer to two decimal places.
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times.
d How much cash did Steelcase receive from customers in $Answer
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