General Mills reported the following information in its 2015 financial statement

Question

General Mills reported the following information in its 2015 financial statements ($ in millions): 2015 2014 Balance Sheets: Accounts receivable, net 2015 Income statement: sales revenue $ 1,386.7 $1,483.6 $17,630.3 A note disclosed that the allowance for uncollectible accounts had a balance of $25.3 million and $21.0 million at the end of 2015 and 2014, respectively. Bad debt expense for 2015 was $19.8 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) ash collections

Explanation / Answer

Cash collections - 17,703.1

Accounts receivable ledger Particulars Amount Particulars Amount Bal b/d        1,483.6 Bad debt              19.8 Allowance for uncollectible accounts b/d              21.0 Cash      17,703.1 Sales      17,630.3 Allowance for uncollectible accounts c/d              25.3 Bal c/d        1,386.7 Total      19,134.9 Total      19,134.9

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