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got it wrong with the answers shown 699.4 684.7 421.4 450.2 791.5 323.7 Analyzing the Allowance for Uncollectible Accounts Following is the current asset section
got it wrong with the answers shown
699.4 684.7 421.4 450.2 791.5 323.7 Analyzing the Allowance for Uncollectible Accounts Following is the current asset section from the Ralph Lauren Corporation balance sheet: (in millions) March 31, 2018 April 1, 2017 Cash and cash equivalents $1,304.6 $668.3 Short-term investments Accounts receivable, net allowances of $222.2 million and $214.4 million Inventories 761.3 Income tax receivable 38.0 79.4 Prepaid expenses and other current assets 280.4 Total current assets $3.548.4 $2,954.5 The 2018 allowance consists of $202.5 for returns and $19.7 for uncollectible accounts. The amounts for 2017 were $202.8 and $11.6 (all in millions). Compute the gross amount of accounts receivable for both 2018 and 2017. Compute the percentage of the allowance for uncollectible accounts relative to the gross amount of accounts receivable for each of these years. Round percentages one decimal place (i.e., 0.2538 = 25.4%) 2018 2017 Gross receivables $ 664.6 million $ 643.6 million 95 of allowance for uncollectibles to gross A/R 32.3 96 34.5 96Step by Step Solution
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