Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Symantec Corp., located in Cupertino, California, is one of the world's largest producers of security and systems management software. The company's consolidated balance sheets for

Symantec Corp., located in Cupertino, California, is one of the world's largest producers of security and systems management software. The company's consolidated balance sheets for the 2009 and 2008 fiscal years included the following ($ in thousands):

2009 2008
Current assets:
Receivables, less allowances of $23,161 in
2009 and $25,484 in 2008 $ 839,810 $ 759,600

A disclosure note accompanying the financial statements reported the following ($ in thousands):
Year Ended
2009 2008
(In thousands)
Trade accounts receivable, net:
Receivables $ 862,971 $ 785,084
Less: allowance for doubtful accounts (9,073 ) (9,125 )
Less: reserve for product returns (14,088 ) (16,359 )
Trade accounts receivable, net: $ 839,810 $ 759,600

Assume that the company reported bad debt expense in 2009 of $2,900 and had products returned for credit totaling $3,365 (sales price). Net sales for 2009 were $6,219,800 (all numbers in thousands).

What amount of accounts receivable did Symantec write off during 2009? (Enter your answer in thousands.)

What is the amount of Symantec's gross sales for the 2009 fiscal year? (Enter your answer in thousands.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials of Accounting for Governmental and Not-for-Profit Organizations

Authors: Paul A. Copley

10th Edition

007352705X, 978-0073527055

More Books

Students also viewed these Accounting questions