Question
Nike, Inc., is a leading manufacturer of sports apparel, shoes, and equipment. The companys 2013 financial statements contain the following information (in millions): A note
Nike, Inc., is a leading manufacturer of sports apparel, shoes, and equipment. The companys 2013 financial statements contain the following information (in millions):
A note disclosed that the allowance for uncollectible accounts had a balance of $114 million and $101 million at the end of 2013 and 2012, respectively. Bad debt expense for 2013 was $42 million. Assume that all sales are made on a credit basis.
1. Analyze changes in the gross accounts receivable account to calculate the amount of cash received from customers during 2013. (Enter your answers in millions.)
Options for collumns in numbers 1 & 2: Bad debts expense, Collections, Sales, and Write-offs
2. | Analyze changes in net accounts receivable to calculate the amount of cash received from customers during 2013. (Enter your answers in millions.) |
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