PROBLEM # 1: Accounts Receivable Turnover and Average Collection Period (35 points) E \"[112] . Q . 1) The 2013 nancial statements of Leggett Er Platt, Inc. include the following information in a footnote. What are the company's gross accounts and other receivables at the end of 2013? (in millions) 2013 2012 Allowance for doubtful accounts $ 15.2 $ 19.2 Total accounts and other receivables, net $467.4 $446.2 A) $467.4 million B) $471.4 million C) $452 million D) $482.6 million E) None of the above 2) The 2013 income statements of Leggett Er Platt, Inc. reports net sales of $3,746.0 million. The balance sheet reports accounts receivable, gross of $482.6 million at December 31, 2013 and $465.4 million at December 31, 2012. The average collection period in 2013 was: A) 46 days B) 10 days C) 4'7 days D) 8 days E) None of the above 3) The 2013 annual report of Oracle Corporation included the following information relating to their allowance for doubtful accounts: Balance in allowance at the beginning of the year $323 million, accounts written off during the year of $ 145 million, balance in allowance at the end of the year $296 million. What did Oracle Corporation report as bad debt expense for the year? A) $27 million B) $178 million C) $118 million D) $151 million E) None of the above ource yagdvpnggquiggggzommm on 03-18-2022 23:04:36 GMT -05:00 00113:th le!l 1513BESTH'EST-3r' 4) Cocoa Beach Surf Shop receives information that requires the company to increase its expectations of uncollectible accounts receivable. Which of the following does not occur on the company's nancial statements? A) Bad debt expense is increased B) Accounts receivables (gross) is reduced C) Net income is reduced D) The allowance account is increased E) None of the above