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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
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 and fiscal years included the following $ in thousands:
Current assets:
Receivables, less allowances of $ in and $ in $ $
A disclosure note accompanying the financial statements reported the following $ in thousands
Year Ended
In thousandsIn thousands
Calculation of account receivables, net:
Receivables $ $
Less: allowance for doubtful accounts
Less: reserve for product returns
Trade accounts receivable, net: $ $
Assume that the company reported bad debt expense in of $ and had products returned for credit totaling $sales price Net sales for were $$ in thousands
Required:
What is the amount of accounts receivable due from customers at the end of and
What amount of accounts receivable did Gemstone write off during
What is the amount of Gemstone's gross sales for the fiscal year?
Assuming that all sales are made on a credit basis, what is the amount of cash Gemstone collected from customers during the fiscal year?
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