Question
Johnson Mills reported the following information in its 2015 financial statements ($ in millions): 2015 2014 Balances: Accounts receivable, net ps 3,350.2 ps 2.277,4 Income
Johnson Mills reported the following information in its 2015 financial statements ($ in millions):
2015 | 2014 | |||||
Balances: | ||||||
Accounts receivable, net | ps | 3,350.2 | ps | 2.277,4 | ||
Income statement 2015: | ||||||
sales revenue | ps | 19.683,6 | ||||
In a note it was reported that the provision for uncollectible accounts had a balance of $48.4 million and $44.5 million at the end of 2015 and 2014, respectively. Bad debt expense for 2015 was $34.8 million.
Required:
Determine the amount of cash collected from customers during 2015. (All sales are on credit. )
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
9th Edition
125972266X, 9781259722660
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