$ 4,413
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MC Corporation manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included the following information ($ in millions):
2015 | 2014 | ||||
Current assets: | |||||
Receivables, less allowances of $90 in 2015 and $72 in 2014 | $ | 3,977 | $ | 4,413 | |
In addition, the income statement reported sales revenue of $24,704 ($ in millions) for the current year. All sales are made on a credit basis. The statement of
Required:
1. Compute the following ($ in millions):
- The net amount of
bad debts written off or reinstated by EMC during 2015. - The amount of bad debt expense or reduction of bad debt expense that EMC included in its income statement for 2015.
2. Suppose that EMC had used the direct write-off method to account for bad debts. Compute the following ($ in millions):
- The accounts receivable information that would be included in the 2015 year-end balance sheet.
- The amount of bad debt expense or reduction of bad debt expense that EMC included in its income statement for 2015.
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- TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included the following information ($ in millions): Current assets: Receivables, less allowances of $270 in 2015 and $297 in 2014 2015 Required: 1. Compute the following ($ in millions): $ 5,477 2014 $ 5,913 In addition, the income statement reported sales revenue of $39,794 ($ in millions) for the current year. All sales are made on a credit basis. The statement of cash flows indicates that cash collected from customers during the current year was $40,737 ($ in millions). There were no recoveries of accounts receivable previously written off. a. The net amount of bad debts written off or reinstated by EMC during 2015. b. The amount of bad debt expense or reduction of bad debt expense that EMC included in its income statement for 2015. 2. Suppose that EMC had used the direct write-off method to account for bad debts. Compute the following ($ in millions): a. The accounts…EMC Corporation manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included the following information ($ in millions): P 7-2 Uncollectible accounts; EMC 2014 2015 Corporation • LO7-5 Current assets: $4,413 $3,977 Receivables, less allowances of $90 in 2015 and $72 in 2014 Real World Financials In addition, the income statement reported sales revenue of $24,704 ($ in millions) for the current year. All sales are made on a credit basis. The statement of cash flows indicates that cash collected from customers during the current year was $25,737 ($ in millions). There were no recoveries of accounts receivable previously written off. Required: 1. Compute the following ($ in millions): a. The amount of bad debts written off by EMC during 2015. b. The amount of bad debt expense that EMC included in its income statement for 2015. c. The approximate percentage that EMC used to estimate bad debts for 2015, assuming that it used the income…EMC Corporation manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included the following information ($ in millions): Current assets: Receivables, less allowances of $90 in 2015 and $72 in 2014 2015 Required: 1. Compute the following ($ in millions): $3,977 2014 $4,413 In addition, the income statement reported sales revenue of $24,704 ($ in millions) for the current year. All sales are made on a credit basis. The statement of cash flows indicates that cash collected from customers during the current year was $25,737 ($ in millions). Note that there could have been significant recoveries of accounts receivable previously written off. a. The net amount of bad debts written off or reinstated by EMC during 2015. b. The amount of bad debt expense or reduction of bad debt expense that EMC included in its income statement for 2015. 2. Suppose that EMC had used the direct write-off method to account for bad debts. Compute the following…
- Green Technologies is a leading global end-to-end technology provider, with a portfolio of hardware, software and service solutions. In a recent annual report, the balance sheet included the following information ($ in millions): Current assets: Receivables, less allowance of $289 in 2020 and $280 in 2019 Req 1 In addition, the income statement reported sales revenue of $105,232 million for the current year. All sales are made on a credit basis. The statement of cash flows indicates that cash collected from customers during the current year was $104,868 million. There could have been significant recoveries of accounts receivable previously written off. Required: 1. Compute the following ($ in millions): Req 2A 2020 a. The amount of bad debts written off by Green during 2020 (Hint. Treat it as a plug in the gross accounts receivable account). b. The amount of bad debt expense that Green included in its income statement for 2020 (Hint. Treat it as a plug in the allowance for…Avon Products, Inc., located in New York City, is one of the world’s largest producers of beauty and related products. The company's consolidated balance sheets for the 2016 and 2015 fiscal years included the following ($ in thousands): 2016 2015 Current assets: Receivables, less allowances of $131,100 in2016 and $86,700 in 2015 $ 458,900 $ 440,000 A disclosure note accompanying the financial statements reported the following ($ in thousands): Year Ended 2016 2015 (In thousands) Calculation of account receivables, net: Receivables $ 590,000 $ 526,700 Less: allowance for doubtful accounts (122,900 ) (77,600 ) Less: reserve for product returns (8,200 ) (9,100 ) Trade accounts receivable, net: $ 458,900 $ 440,000 Assume that the company reported bad debt expense in 2016 of $191,000 and had products returned for credit totaling $187,000 (sales price). Net sales for 2016 were…Dell Technologies is a leading global end-to-end technology provider, with a portfolio of hardware, software and service solutions. In a recent annual report, the balance sheet included the following information ($ in millions): 2020 2019 Current assets: Receivables, less allowance of $94 in 2020 and $85 in 2019 $ 12,484 $ 12,371 In addition, the income statement reported sales revenue of $92,154 million for the current year. All sales are made on a credit basis. The statement of cash flows indicates that cash collected from customers during the current year was $91,868 million. There could have been significant recoveries of accounts receivable previously written off. Required: Compute the following ($ in millions): The amount of bad debts written off by Dell during 2020 (Hint: Treat it as a plug in the gross accounts receivable account). The amount of bad debt expense that Dell included in its income statement for 2020 (Hint: Treat it as a plug in the allowance…
- Gemstone Products located in New York City, is one of the world's largest producers of beauty and related products. The company's consolidated balance sheets for the 2016 and 2015 fiscal years included the following ($ in thousands): 2016 2015 Current assets: Receivables, less allowances of $132,960 in2016 and $88,560 in 2015 $ 461,300 $ 441,200 A disclosure note accompanying the financial statements reported the following ($ in thousands) Year Ended 2016 2015 (In thousands) Calculation of account receivables, net: Receivables $ 594,260 $ 529,760 Less: allowance for doubtful accounts (123,080 ) (77,780 ) Less: reserve for product returns (9,880 ) (10,780 ) Trade accounts receivable, net: $ 461,300 $ 441,200 Assume that the company reported bad debt expense in 2016 of $192,200 and had products returned for credit totaling $187,180 (sales price). Net sales for…Gemstone Products located in New York City, is one of the world's largest producers of beauty and related products. The company's consolidated balance sheets for the 2016 and 2015 fiscal years included the following ($ in thousands): 2016 2015 Current assets: Receivables, less allowances of $131,720 in 2016 and $87,320 in 2015 $ 459,700 $ 440,400 A disclosure note accompanying the financial statements reported the following ($ in thousands) Year Ended 2016 (In thousands) 2015 (In thousands) Calculation of account receivables, net: Receivables $ 591,420 $ 527,720 Less: allowance for doubtful accounts (122,960) (77,660) Less: reserve for product returns (8,760) (9,660) Trade accounts receivable, net: $ 459,700 $ 440,400 Assume that the company reported bad debt expense in 2016 of $191,400 and had products returned for credit totaling $187,060 (sales price). Net sales for 2016 were $5,598,800 ($ in thousands). Required: What is the amount of…Clayton Systems is a company that provides business-to-business products and services, generating over $3 billion in annual revenues. The following question pertains to Clayton Systems Financial Statements from fiscal years 2012 and 2013. In fiscal year 2013, Clayton had over $213 million of accounts receivable and $244 million in accounts payable on its balance sheet. In fiscal year 2014, if Clayton were to change its customers' terms of payments from Net 90 to Net 30, which of the following would be the most likely outcome on the balance sheet? OA) Accounts receivable would decrease OB) Accounts receivable would increase OC) Accounts payable would decrease OD) Accounts payable would increase
- Čardinal Industries had the following operating results for 2018: Sales = $34,621; Cost of goods sold Dividends paid = $2,023. At the beginning of the year, net fixed assets were $19,970, current assets were $7,075, and current liabilities were $4,01O. At the end of the year, net fixed assets were $24,529, current assets were $8,702, and current liabilities were $4,700. The tax rate for 2018 was 25 percent. $24,359; Depreciation expense = $6,027; Interest expense $2,725; %3D a. What is net income for 2018? (Do not round intermediate calculations.) b. What is the operating cash flow for 2018? (Do not round intermediate calculations.) c. What is the cash flow from assets for 2018? (Do not round intermediate calculations. A negative answer should be indicated by a minus sign.) d- If no new debt was issued during the year, what is the cash flow to creditors? (Do not 1. round intermediate calculations.) d- If no new debt was issued during the year, what is the cash flow to stockholders? (Do…Fixed assets. Use the data from the following financial statements in the popup window, E- What are the net fixed assets for the years 2016 and 2017? The net fixed assets for the year 2016 is $ (Round to the nearest dollar.) Data Table (Click on the following icon e in order to copy its contents into a spreadsheet.) Partial Income Statement Year Ending 2017 Sales revenue $350,000 Cost of goods sold $140,000 Fixed costs $43,000 Selling, general, and administrative expenses $28,000 Depreciation $46,000| (Click on the following icon in order to copy its contents into a spreadsheet.) Partial Balance Sheet 12/31/2016 ASSETS LIABILITIES $14,000| $16,000 Notes payable $28,000 Accounts payable Cash Accounts receivable $19,000 Inventories $48,000 Long-term debt $190,000 Fixed assets $368,000 OWNERS' EQUITY Enter your answer in the answer box and then click Check Answer. Print Done part remainingPandora Corporation operates several factories in the Midwest that manufacture consumer electronics. TheDecember 31, 2018, year-end trial balance contained the following income statement items:Account Title Debits CreditsSales revenue 12,500,000Interest revenue 50,000Loss on sale of investments 100,000Cost of goods sold 6,200,000Selling expenses 620,000General and administrative expenses 1,520,000Interest expense 40,000Research and development expense 1,200,000Income tax expense 900,000Required:Calculate the company’s operating income for the year