Question
Jordan, Inc., is a leading manufacturer of sports apparel, shoes, and equipment. The companys 2015 financial statements contain the following information (in millions): 2015 2014
Jordan, Inc., is a leading manufacturer of sports apparel, shoes, and equipment. The companys 2015 financial statements contain the following information (in millions): 2015 2014 Balance sheets: Accounts receivable, net $ 3,282 $ 3,297 Income statements: Sales revenue $ 25,778 $ 23,796 A note disclosed that the allowance for uncollectible accounts had a balance of $107 million and $94 million at the end of 2015 and 2014, respectively. Bad debt expense for 2015 was $35 million. Assume that all sales are made on a credit basis. Required:
1 What is the amount of gross (total) accounts receivable due from customers at the end of 2015 and 2014?
Accounts receivable, gross 2015______________ 2016__________
2. What is the amount of bad debt write-offs during 2015?
Bad debt write offs ___________
3. Analyze changes in the gross accounts receivable account to calculate the amount of cash received from customer during 2015.
Beg Bal | |||
End Bal |
4. Analyze changes in net accounts receivable to calculate the amount of cash received from customers during 2015.
Beginning net amounts receivable | |
Ending net amounts receivable |
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