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Boswell, Inc. is a temporary help service company. All of the company's services are sold on credit (most customers pay in approximately 60 days). Due to the economy and a lenient credit policy, Boswell's bad debt (i.e., accounts that are never collected) is relatively large and highly variable from year to year. Boswell had annual gross sales, gross accounts receivable and actual bad debt amounts as follows for the years ending December 31, 1999 through 2003:
Year
Gross Sales
Gross Accounts Receivable
Actual Bad Debt
1999
$1,000,000
$167,000
$ 50,000
2000
$2,000,000
$333,000
$150,000
2001
$3,000,000
$500,000
$225,000
2002
$4,000,000
$667,000
$ 75,000
2003
$5,000,000
$833,000
$250,000
Assume that for financial statement reporting purposes, Boswell estimates an allowance for doubtful accounts of 5 percent of annual sales. Accordingly, what did Boswell report as Net sales and Net accounts receivable on its 1999 through 2003 income statements and balance sheets?
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