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Suppose Hearts, Inc., reported net receivables of $2,856 million and $2,628 million at January 31,207 and 206, after subtracting allowances of $74 million and $69
Suppose Hearts, Inc., reported net receivables of $2,856 million and $2,628 million at January 31,207 and 206, after subtracting allowances of $74 million and $69 million at these respective dates. Hearts earned total revenue of $54,333 million (all on account) and recorded doubtful-account expense of $18 million for the year ended January 31,20X7. Requirement 1. Use this information to measure the following amounts for the year ended January 31,20X7 : a. Write-offs of uncollectible receivables. b. Collections from customers. Requirement 1a. Use this information to measure the write-offs of uncollectible receivable amounts for the year ended January 31,207. 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. Leave unused cells blank.) Requirement 1b. Use this information to measure the collections from customers for the year ended January 31,207. 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. Leave unused cells blank.) Suppose Hearts, Inc., reported net receivables of $2,856 million and $2,628 million at January 31,207 and 206, after subtracting allowances of $74 million and $69 million at these respective dates. Hearts earned total revenue of $54,333 million (all on account) and recorded doubtful-account expense of $18 million for the year ended January 31,20X7. Requirement 1. Use this information to measure the following amounts for the year ended January 31,207 : a. Write-offs of uncollectible receivables. b. Collections from customers. statement. Leave unused cells blank.) Requirement 1b. Use this information to measure the collections from customers for the year ended January 31,207. 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. Leave unused cells blank.)
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