Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

General Mills reported the following information in its 2011 financial statements ($ in millions): 2011 2010 Balance Sheet: Accounts receivable, net $ 1,162.3 $ 1,041.6

General Mills reported the following information in its 2011 financial statements ($ in millions):

2011 2010
Balance Sheet:
Accounts receivable, net $ 1,162.3 $ 1,041.6
2011 Income statement:
Sales revenue $ 14,880.2

A note disclosed that the allowance for uncollectible accounts had a balance of $16.3 million and $15.8 million at the end of 2011 and 2010, respectively. Bad debt expense for 2011 was $12.7 million.

Determine the amount of cash collected from customers during 2011.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managements Reluctance In Implementing Audit Recommendations

Authors: Tariro Chinamasa

1st Edition

6139980240, 978-6139980246

More Books

Students also viewed these Accounting questions

Question

5. Understand how cultural values influence conflict behavior.

Answered: 1 week ago