Question
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).
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