Question
Minta Corporation is a leading manufacturer of sports apparel , shoes, and equipment. The company's 2017 financial statement contain the following information ($ in millions)
Minta Corporation is a leading manufacturer of sports apparel , shoes, and equipment. The company's 2017 financial statement contain the following information ($ in millions)
Balance Sheets
Account receivable net 2017 $ 4282 2016$3846
Income statement
Sales revenue 2017 $ 36055 2016 $34081
A note disclosed that the allowance for uncollectible accounts had a balance of $30 million and $54 million at the end 2017 and 2016 respectively. Bad debt expense for 2017 was $51 million Assume that all
sales are made on credit basis
REQUIRED
- What is the amount of gross (total) accounts receivable due from customers at the end of 2017 and 2016.
- What is the amount of bad debt write offs during 2017?
- Analyze changes in the gross accounts receivable accounts to calculate the amount of cash received from customers during 2017.
- Analyze changes in the net accounts receivable to calculate the amount of cash received from customers during 2017
required
Account receivable gross 2017 ? 2016 ?
What is the amount of bad debt write-offs during 2017?
Accounts Receivable gross?
Account receivable net ?
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