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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 statement.) Allowance for Uncollectible Accounts Write-offs 22 Beg Bal Expense End Bal 65 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 Beg Bal 2,328 Write-offs 22 Total revenue 100,000 Collections 99,645 End Bal 2,661 The collections from customers for the year ended January 31, 2022 is million.
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