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Calculate the amount of cash received from customers

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Question - Minta Corporation is a leading manufacturer of sports apparel , shoes, and equipment. The company's 2017 financial statement contain the following information ($ in millions)

Balance Sheets

Account receivable net 2017 $4282 2016 $3846

Income statement Sales revenue 2017 $36055 2016 $34081

A note disclosed that the allowance for uncollectible accounts had a balance of $30 million and $54 million at the end 2017 and 2016 respectively. Bad debt expense for 2017 was $51 million Assume that all sales are made on credit basis

REQUIRED -

1. What is the amount of gross (total) accounts receivable due from customers at the end of 2017 and 2016?

2. What is the amount of bad debt write offs during 2017?

3. Analyze changes in the gross accounts receivable accounts to calculate the amount of cash received from customers during 2017.

4. Analyze changes in the net accounts receivable to calculate the amount of cash received from customers during 2017?

Reference no: EM132749083

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