Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Johnson Mills reported the following information in its 2015 financial statements ($ in millions): 2015 2014 Balance Sheets: Accounts receivable, net $ 2,248.0 $ 1,725.2

Johnson Mills reported the following information in its 2015 financial statements ($ in millions):

2015 2014
Balance Sheets:
Accounts receivable, net $ 2,248.0 $ 1,725.2
2015 Income statement:
Sales revenue $ 18,578.1

A note disclosed that the allowance for uncollectible accounts had a balance of $31.9 million and $31.3 million at the end of 2015 and 2014, respectively. Bad debt expense for 2015 was $21.6 million. Required:

Determine the amount of cash collected from customers during 2015. (All sales are on credit. Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)

Cash Collections = ????

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_2

Step: 3

blur-text-image_3

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

Accounting Principles A Business Perspective Financial Accounting Chapters 9 To 18

Authors: Bill Buxton, Amy Sibiga

1st Edition

1461160863, 978-1461160861

More Books

Students also viewed these Accounting questions

Question

What are some possible consequences of poor quality?

Answered: 1 week ago