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Since it sells on credit, the company cannot expect to collect 100% of its accounts receivable. At March 31, 2021, and 2022, Ship Fast
Since it sells on credit, the company cannot expect to collect 100% of its accounts receivable. At March 31, 2021, and 2022, Ship Fast reported the following on its balance sheet (in millions of dollars): ollowing tra mounts in r March 31, 2022 2021 million, of Accounts receivable $ 3,600 $ 3,200 Jo Accoun Less: Allowance for uncollectible accounts Accounts receivable, net (140) (200) $ 3,460 $ 3,000 account w During the year ended March 31, 2022, Ship Fast earned service revenue and collected cash from customers. Assume uncollectible-account expense for the year was 2% of service revenue on account and that Ship Fast wrote off uncollectible receivables and made other adjustments as necessary. At year-end, Lincoln ended with the foregoing March 31, 2022, balances. s first, then credits. Ex
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