Johnson Mills reported the following information in its 2015 financial statement

Question

Johnson Mills reported the following information in its 2015 financial statements ($ in millions): 2015 2014 Balance Sheets: Accounts receivable, net $ 2,147.8 $ 1,675.0 2015 Income statement: Sales revenue $ 18,477.6 A note disclosed that the allowance for uncollectible accounts had a balance of $30.4 million and $30.1 million at the end of 2015 and 2014, respectively. Bad debt expense for 2015 was $20.4 million. Required: Determine the amount of cash collected from customers during 2015. (All sales are on credit. Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Not sure if correct but I get 17,974.40 how do you posted in millions rounded to 1 decimal place?

Explanation / Answer

Correct Answer is 17984.40

Statementshowing Computations Paticulars Amount Allowance for uncollectible Beginning of year 30.01 Add Bad debt expense 20.4 Less End of year balance -30.4 Write off during the year 20.01 Beginning of year - Gross Bal= $1675 +$30.01 1705.01 Add Credit sales 18477.6 Less write off -20.01 Less ending bal = 2147.80 + 30.40 -2178.2 Cash collections 17984.4

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