Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Interpreting the Accounts Receivable Footnote HP Inc. reports the following in its 2018 10-K report. October 31 (in millions) 2018 2017 Accounts receivable $5,113

image text in transcribed

Interpreting the Accounts Receivable Footnote HP Inc. reports the following in its 2018 10-K report. October 31 (in millions) 2018 2017 Accounts receivable $5,113 $4,414 Footnotes to the company's 10-K provide the following additional information relating to its allowance for doubtful accounts. For the fiscal years ended October 31 (in millions) 2018 2017 2016 Allowance for doubtful accounts-accounts receivable Balance, beginning of period $101 $107 $80 Provision for doubtful accounts 57 30 65 (29) (36) (38) $129 $101 $107 Deductions, net of recoveries Balance, end of period (a) What is the gross amount of accounts receivables for HP in fiscal 2018 and 2017? ($ millions) 2018 2017 Gross accounts receivable 0 0 (b)What is the percentage of the allowance for doubtful accounts to gross accounts receivable for 2018 and 2017? (Round your answers to two decimal places.) ($ millions) Percentage of uncollectible accounts to gross accounts receivable 2018 2017 0% 0% (c)What amount of bad debts expense did HP report each year 2016 through 2018? What amount was actually written off? ($ millions) 2018 2017 2016 Bad debt expense $ 0 $ 0 $ 0 Amounts actually written off $ 0 $ 0 $ 0

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

Financial Accounting

Authors: W. Steve Albrecht, James D. Stice, Earl K. Stice

10th edition

324645570, 978-0324645576

More Books

Students also viewed these Accounting questions

Question

Explain the coverage features of watercraft policies

Answered: 1 week ago

Question

Explain what is meant by vicarious liability

Answered: 1 week ago