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Analysis of Accounts Receivable and Allowance for Doubtful Accounts (FSET) Steelcase, Inc., reported the following amounts in its 2020 and 2019 10-K reports (years ended
Analysis of Accounts Receivable and Allowance for Doubtful Accounts (FSET) Steelcase, Inc., reported the following amounts in its 2020 and 2019 10-K reports (years ended February 28, 2020, and February 22, 2019). [s millions) 2020 2019 From the income statement: Revenue $5,213.20 $4,820.50 From the balance sheet: Accounts receivable, net 521.4 546-4 Customer deposits 40 28 From the disclosure on allowance for doubtful accounts: Balance at beginning of period 12.1 15.5 Additions (reductions) charged to income 10.2 7.7 Adjustments or deductions (9.2) (11.1) Balance at end of period 13.1 12.1 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 Not Transaction Asset Assets Assets Liabilities Capital Capital Revenues Expenses Income 1. Write off of uncollectible accounts. 0 0 2. Recognize bad debts expense. 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. 2020 2019 Gross receivables Allowance as a % of gross receivables 0%% 0 10 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 20207 $ 0
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