Analysis of Accounts Receivable and Allowance for Doubtful Accounts $($FSET$)$ Analysis of Accounts Receivable and Allowance for Doubtful Accounts $($FSET$)$

Steelcase, Inc., reported the following amounts in its $2020$ and $201910-$K reports $($years ended February $28,2020,$ and February $22,2019).$

a$.$ Report $(1)$ the write$-$off of accounts receivable as uncollectible in $2020$ and $(2)$ the provision for doubtful accounts $($bad debt expense$)$ for $2020$ using the financial statement effects template.

Note: Use a negative sign with your answers, when appropriate.

b$.$ Calculate Steelcase's 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.

c$.$ Calculate Steelcase's accounts receivable turnover for $2020.($Use Accounts receivable, net for the calculation.$)$

Note: Round answer to two decimal places.

times.

d$.$ How much cash did Steelcase receive from customers in $2020?$ $

Steelcase, Inc., reported the following amounts in its $2020$ and $201910-$K reports $($years ended February $28,2020,$ and February $22,2019).$

$($$ millions$)20202019$

From the income statement:

Revenue $$5,957\mathrm{.}90$ $$5,509\mathrm{.}10$

From the balance sheet:

Accounts receivable, net $595\mathrm{.}8624\mathrm{.}5$

Customer deposits $45\mathrm{.}832$

From the disclosure on allowance for doubtful accounts:

Balance at beginning of period $1417\mathrm{.}8$

Additions $($reductions$)$ charged to income $11\mathrm{.}78\mathrm{.}8$

Adjustments or deductions $(10\mathrm{.}6)(12\mathrm{.}6)$

Balance at end of period $15\mathrm{.}114$

a$.$ Report $(1)$ the write$-$off of accounts receivable as uncollectible in $2020$ and $(2)$ the provision for doubtful accounts $($bad debt expense$)$ for $2020$ 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

$1.$ Write$-$off of uncollectible accounts. Answer $1$

$+$ Answer $2$

$-$ Answer $3$

$=$ Answer $4$

$+$ Answer $5$

$+$ Answer $6$

Answer $7$

$-$ Answer $8$

$=$ Answer $9$

$2.$ Recognize bad debts expense. Answer $10$

$+$ Answer $11$

$-$ Answer $12$

$=$ Answer $13$

$+$ Answer $14$

$+$ Answer $15$

Answer $16$

$-$ Answer $17$

$=$ Answer $18$

b$.$ Calculate Steelcase$$s 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.

$20202019$

Gross receivables Answer $19$

Answer $20$

Allowance as a $\%$ of gross receivables Answer $21$

Answer $22$

c$.$ Calculate Steelcase$$s accounts receivable turnover for $2020.($Use Accounts receivable, net for the calculation.$)$

Note: Round answer to two decimal places.

Answer $23$

times.

d$.$ How much cash did Steelcase receive from customers in $2020?$ $Answer $24$