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Interpreting Bad Debt Disclosures
Siemens is one of the world's largest electrical engineering and electronics companies. Headquartered in Germany, the company has been in business for over 160 years and operates in 190 countries.
In a recent annual report, it disclosed the following information concerning its allowance for doubtful accounts (euros in millions denoted as €):
Balance at Beginning of Period Charged to Costs
Expenses Amounts €1,013 €315
Written Off Balance at End of Period €(120) €1,208
Required:
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