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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): 2017
Minta Corporation is a leading manufacturer of sports apparel, shoes, and equipment. The company's 2017 financial statements contain the following information ($ in millions): 2017 2016 $ 4,502 $ 4,066 Balance sheets: Accounts receivable, net Income statements: Sales revenue $36, 675 $34,701 A note disclosed that the allowance for uncollectible accounts had a balance of $34 million and $58 million at the end of 2017 and 2016, respectively. Bad debt expense for 2017 was $55 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 3 What is the amount of gross (total) accounts receivable due from customers at the end of 2017 and 2016? (Enter your answers in millions.) 2017 2016 $ 4,536 $ 4,124 Accounts receivable, gross Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 What is the amount of bad debt write-offs during 2017? (Enter your answers in millions.) Bad debt write-offs $ 79 Required 1 Required 2 Required 3 Required 4 Analyze changes in the following Accounts Receivable (gross) T-account to calculate the amount of cash received from customers during 2017. (Enter your answers in millions.) Accounts Receivable (gross) Debit Credit 0 4,066 0 Beg. bal. Sales Bad debts expense Write-offs End. bal. 36,675 0 0 0 0 32,609 Analyze changes in the following Accounts Receivable (net) T-account to calculate the amount of cash received from customers during 2017. (Enter your answers in millions.). Accounts Receivable (gross) Credit Debit Beg. bal. End. bal.
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