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Suppose Everest, Inc., reported net receivables of $2,586 million and $2,266 million at January 31, 2015 and 2014, after subtracting allowances of $70 million and
Suppose Everest, Inc., reported net receivables of $2,586 million and $2,266 million at January 31, 2015 and 2014, after subtracting allowances of $70 million and $65 million at these respective dates. Everest earned total revenue of $50,000 million (all on account) and recorded doubtful-account expense of $15 million for the year ended January 31, 2015 Requirement 1. Use this information to measure the following amounts for the year ended January 31, 2015 a. Write-offs of uncollectible receivables. b. Collections from customers. Requirement la. Use this information to measure the write-offs of uncollectible receivable amounts for the year ended January 31, 2015 Post the known transactions to the Allowance for Uncollectible Accounts to solve for the write-offs amount. (Use the first available ce on each side of the T-account. Enter amounts in millions of dollars. Leave unused cells blank.) Allowance for Uncollectible Accounts Beg Bal Write-offs Expense End Bal Requirement 1b. Use this information to measure the collections from customers for the year ended January 31, 2015 Post the know transactions to the Accounts Receivable to solve for the collections from customers amount (Use the first available cell on each side of the
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