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 2,648.8 $1,926.0 2015 Income statement: Sales revenue $18,980.1 A note disclosed that the allowance for uncollectible accounts had a balance of $37.9 million and $36.1 million at the end of 2015 and 2014, respectively. Bad debt expense for 2015 was $26.4 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).) Cash collections s 19,6783

Explanation / Answer

Account receivable written off = (36.1+26.4-37.9) = 24.60 million

Cash collection = 1926+18980.10-24.60-2648.80 = 18232.70 million

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