Question
Use Walmart, Inc.'s financial statement information to answer the following questions. a. Provide the following account balances for Walmart (4 points): January 31, 2020 January
Use Walmart, Inc.'s financial statement information to answer the following questions.
a. Provide the following account balances for Walmart (4 points):
January 31, 2020 | January 31, 2019 | |
Accounts Receivable (gross) | ||
Allowance for Doubtful Accounts | ||
Accounts Receivable, net |
B. Which of the above numbers represents the total amount Walmart is owed by customers as of January 31, 2020? (1 point)
C. Which of the above numbers represents the amount that Walmart believes it will not collect from its customers as of January 31, 2020? (1 point)
D. Which of the above numbers represents the amount that Walmart believes it will collect from its customers as of January 31, 2020? (1 point)
E. Provide the journal entry (both accounts and amounts) that Walmart must have made to record its estimate of Bad Debt Expense in fiscal year 2020. (3 points)
F. Provide the journal entry (both accounts and amounts) that Walmart must have made to record Accounts Receivable write-offs in fiscal year 2020. (3 points)
Walmart, Inc. Financial Statements (partial) Consolidated Balance Sheets In millions of dollars ASSETS As of Jan 31, 2020 As of Jan 31, 2019 Cash and cash equivalents $ 9,465 $ 7,722 Accounts receivable, net of the allowance of $140 million as of 1/31/2020 and of $126 million as of 1/31/2019 6,284 6,283 Inventories 44,435 44,269 Prepaid expenses and other current assets 1,622 3,623 Total current assets $ 61,806 $ 61,897
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