Need need help in explaining the red cells. Need need help in explaining the red

Question

Need need help in explaining the red cells.

Need need help in explaining the red cells.


Problem 7-3 Bad debts; Jordan, Inc. [LO7-5] Jordan, Inc, is a leading manufacturer of sports apparel, shoes, and equipment. The company's 2015 financial statements contain the following information (in millions) 2014 $ 3,502 3,517 26,398 $24,416 2815 Balance sheets: Accounts receivable, net Income statements : Sales revenue A note disclosed that the allowance for uncollectible accounts had a balance of $111 million and $98 million at the end of 2015 and 2014, respectivel y Bad debt expense for 2015 was $39 million Assume that all sales are made on a credit basis. Required: 1 What is the amount of gross (total) accounts receivable due from customers at th end of 2015 and 2014 receivable due fiom customers at thaend of 2015 and 2. What is the amount of bad debt write-offs during 2015 3. Analyze changes i 4 Analyze changes in net accounts receivable to calculate the amount of cash received from customers during s accounts receivable account to calculate the amount of cash received from customers during 2015 Prev 16 of 16 EE Noxt

Explanation / Answer

3) Gross Accounts Receivables Beg. Bal. ($3517+ $98) $3,615.00 Sales $26,398.00 Collections ($3615 + $26398 -26 - 3613) $26,374.00 Write-offs ($98 +39 - $111) $26.00 End. Bal.($3502+ $111) $3,613.00 Cash Received from customers 2015 $26,374.00 4) Beg. Net Accounts Receivable $3,517.00 Sales $26,398.00 Cash collected from customers -$26,374.00 Bad Debt expenses -$39.00 Write-offs $0.00 Ending Net Accounts Receivable $3,502.00

Related Questions

Navigate

• Browse (All)
• Browse N
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.