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Analysis of Accounts Receivable and Allowance for Doubtful Accounts Steelcase, Inc. reported the following amounts in its 2018 and 201710K reports (years ended February 23,
Analysis of Accounts Receivable and Allowance for Doubtful Accounts Steelcase, Inc. reported the following amounts in its 2018 and 201710K reports (years ended February 23, 2018, and February 24, 2017). a. Prepare the journal entry to record accounts receivable written off as uncollectible in 2018. Also prepare the entry to record the provision for doubtful accounts (bad debts expense) for 2018. Enter answers in millions (as shown above). 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. c. Calculate Steelcase's accounts receivable turnover for 2018. (Use Accounts receivable, net for the calculation.) Round answer to one decimal place. times d. How much cash did Steelcase receive from customers in 2018? $ million
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