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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. Read the requirement. 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 Expense End Bal 65 30 73 The write-offs of uncollectible receivables for the year ended January 31, 2022 is million.
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