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Gomez Parker Gaming develops, produces, and markets a wide range of computer software including the Windows operating system. Gomez Parker Gaming reported the following
Gomez Parker Gaming develops, produces, and markets a wide range of computer software including the Windows operating system. Gomez Parker Gaming reported the following information about Net Sales Revenue and Accounts Receivable (all amounts in millions). June 30, 2019 June 30, 2018 Accounts Receivable, Net of Allowance for Doubtful Accounts of $300 and $350 Net Revenues $ 16,850 67,000 $ 15,600 61,000 According to its Form 10-K, Gomez Parker Gaming recorded Bad Debt Expense of $21 and did not recover any previously written-off accounts during the year ended June 30, 2019. Required: 1&2. What amount of accounts receivable was written off during the year ended June 30, 2019? What was Gomez Parker Gaming receivables turnover ratio in 2019? 3. Does your answer in requirement 2 suggest the collectibility of Accounts Receivable improved (or deteriorated) in 2019, relative to 2018 when the turnover was 4.3? Complete this question by entering your answers in the tabs below. Req 1 to 2 Req 3 What amount of accounts receivable was written off during the year ended June 30, 2019? What was Gomez Parker Gaming receivables turnover ratio in 2019? (Enter your answer in millions. Round your answer to 1 decimal place.) 1. Accounts Receivable Written-Off 2. Receivables Turnover Ratio million times Req 1 to 2 Req 3 > Req 1 to 2 Req 3 Does your answer in requirement 2 suggest the collectibility of Accounts Receivable improved (or deteriorated) in 2019, relative to 2018 when the turnover was 4.3? OImproved Deteriorated < Req 1 to 2 Req 3 >
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