Question
Nike, Inc., is a leading manufacturer of sports apparel, shoes, and equipment. The companys 2013 financial statements contain the following information (in millions): 2013 2012
Nike, Inc., is a leading manufacturer of sports apparel, shoes, and equipment. The companys 2013 financial statements contain the following information (in millions): |
2013 | 2012 | |
Balance sheets: | ||
Accounts receivable, net | $3,117 | $3,132 |
Income statements: | ||
Sales revenue | $25,313 | $23,331 |
A note disclosed that the allowance for uncollectible accounts had a balance of $104 million and $91 million at the end of 2013 and 2012, respectively. Bad debt expense for 2013 was $32 million. Assume that all sales are made on a credit basis |
1. | What is the amount of gross (total) accounts receivable due from customers at the end of 2013 and 2012? (Enter your answers in millions.) |
2. | What is the amount of bad debt write-offs during 2013? (Enter your answers in millions.) |
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4. | 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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