Question
The 2013 income statements of Leggett & Platt, Inc. reports net sales of $3,746.0 million. The balance sheet reports accounts receivable, gross of $482.6 million
The 2013 income statements of Leggett & Platt, Inc. reports net sales of $3,746.0 million. The balance sheet reports accounts receivable, gross of $482.6 million at December 31, 2013 and $465.4 million at December 31, 2012. The average collection period in 2013 was Select one: a. 46 days b. 10 days c. 47 days d. 8 days e. None of the above
At what amount will accounts receivable be reported on the balance sheet if the gross receivable balance is $35,000 and the allowance for uncollectible accounts is estimated at 18% of gross receivables? Select one: a. $6,300 b. $41,300 c. $35,000 d. $28,700
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