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Suppose Acme, Inc., reported net receivables of $2,588 million and $2,263 million at January 31, 2022, and 2021, respectively, after subtracting allowances of $73
Suppose Acme, Inc., reported net receivables of $2,588 million and $2,263 million at January 31, 2022, and 2021, respectively, after subtracting allowances of $73 million and $65 million at these respective dates. Acme earned total revenue of $100,000 million (all on account) and recorded uncollectible-account expense of $30 million for the year ended January 31 2022 Requirement 1a. Use this information to measure the write-offs of uncollectible receivable amounts for the year ended January 31, 2022. Post the known transactions to the Allowance for Uncollectible Accounts to solve for the write-offs amount. (Enter amounts in millions of dollars as provided to you in the problem statement.) Allowance for Uncollectible Accounts Write-offs 22 Beg Bal 65 Expense End Bal 30 73 The write-offs of uncollectible receivables for the year ended January 31, 2022 is $ 22 million. Requirement 1b. Use this information to measure the collections from customers for the year ended January 31, 2022. Post the known transactions to the Accounts Receivable to solve for the collections from customers amount. (Enter amounts in millions of dollars as provided to you in the problem statement.) Accounts Receivable
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