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Please Show All Work! Johnson Mills reported the following information in its 2015 financial statements (S in millions) 2015 Balance Sheets: Accounts receivable, net 2015
Please Show All Work!
Johnson Mills reported the following information in its 2015 financial statements (S in millions) 2015 Balance Sheets: Accounts receivable, net 2015 Income statement: Sales revenue 3,250.0 $2,227. $19,583.1 A note disclosed that the allowance for uncollectible accounts had a balance of $46.9 million and $43.3 million at the end of 2015 and 2014, respectively. Bad debt expense for 2015 was $33.6 million. Required: Determine the amount of cash collected from customers during 2015. (All sales are on credit. Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)Step by Step Solution
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