Minta Corporation, is a leading manufacturer of sports apparel, shoes, and equipment. The company's 2020 financial statements contain the following information ($ in millions):

2020

$ 3,574

229

2019

$ 5,097

75

Balance sheets:

Accounts receivable, net

Allowance for uncollectible accounts

Income statements:

Sales revenue

Statement of Cash Flows:

Amortization, impairment and other Decrease in accounts receivable

$ 39,728

413

1,254

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 2020 and 2019?
2. Assume that bad debt expense is included in "amortization, impairment and other," such that the

2020 decrease in accounts receivable of $1,254 reflects only the difference between sales and collections. Prepare a T account that depicts how sales, collections, bad debt expense, and writeoffs of bad debts affect the balance of net accounts receivable with a debit, a credit or not at all, and estimate Minta's 2020 bad debt expense.

3. Prepare a T account that depicts how bad debt expense and writeoffs of bad debts affect the balance of the allowance for uncollectible accounts with a debit, credit or not at all, and estimate the amount of bad debts written off by Minta during 2020.

4. Analyze changes in the gross accounts receivable account to calculate the amount of cash received from customers during 2020 Prepare a T account

5. Analyze changes in net accounts receivable to calculate the amount of cash received from customers during 2020. Prepare a T account

Minta Corporation, is a leading manufacturer of sports apparel, shoes, and equipment. The company's 2020 financial statements contain the following information ( $ in millions): 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 2020 and 2019? 2. Assume that bad debt expense is included in "amortization, impairment and other," such that the 2020 decrease in accounts receivable of $1,254 reflects only the difference between sales and collections. Prepare a T account that depicts how sales, collections, bad debt expense, and writeoffs of bad debts affect the balance of net accounts receivable with a debit, a credit or not at all, and estimate Minta's 2020 bad debt expense. 3. Prepare a T account that depicts how bad debt expense and writeoffs of bad debts affect the balance of the allowance for uncollectible accounts with a debit, credit or not at all, and estimate the amount of bad debts written off by Minta during 2020. 4. Analyze changes in the gross accounts receivable account to calculate the amount of cash received from customers during 2020. 5. Analyze changes in net accounts receivable to calculate the amount of cash received from customers during 2020