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Minta Corporation is a leading manufacturer of sports apparel, shoes, and equipment. The company's 2017 financial statements contain the following information ($ in millions): Balance
Minta Corporation is a leading manufacturer of sports apparel, shoes, and equipment. The company's 2017 financial statements contain the following information ($ in millions): Balance sheets: Accounts receivable, net. Income statements: Sales revenue 2017 2016 $ 4,667 $ 4,231 $37,140 $35,166 A note disclosed that the allowance for uncollectible accounts had a balance of $37 million and $61 million at the end of 2017 and 2016, respectively. Bad debt expense for 2017 was $58 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 2017 and 2016? 2. What is the amount of bad debt write-offs during 2017? 3. Analyze changes in the following Accounts Receivable (gross) T-account to calculate the amount of cash received from customers during 2017. 4. Analyze changes in the following Accounts Receivable (net) T-account to calculate the amount of cash received from customers during 2017
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