ST&C's financial statements for the 2015 and 2014 fiscal years contained the following information: Balance Sheets ($ in millions) 2015 2014 Current assets: Accounts receivable, net of allowances for doubtful accounts of $724 and $654 $ 16,732 $ 14,547 Income Statements ($ in millions) 2015 2014 Revenues $ 148,801 $ 132,667 In addition, the statement of cash flows disclosed bad debt expense of $1,436 million in 2015 and $1,052 million in 2014. Required:

ST&C's financial statements for the 2015 and 2014 fiscal years contained the following information: Balance Sheets ($ in millions) 2015 2014 Current assets: Accounts receivable, net of allowances for doubtful accounts of $724 and $654 $ 16,732 $ 14,547 Income Statements ($ in millions) 2015 2014 Revenues $ 148,801 $ 132,667 In addition, the statement of cash flows disclosed bad debt expense of $1,436 million in 2015 and $1,052 million in 2014. Required:

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter12: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12.13MCP: Statement of Cash Flowsâ€”Direct Method Lang Company has not yet prepared a formal statement of cash...

See similar textbooks

Balance Sheets ($ in millions)	2015	2014
Current assets:
Accounts receivable, net of allowances for doubtful accounts of $724 and $654	$ 16,732	$ 14,547

Income Statements ($ in millions)	2015	2014
Revenues	$ 148,801	$ 132,667

Required:

Definition Definition Receivable amount that a company is owed, but did not receive, and which may not be receivable in future.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

Statement of Cash Flowsâ€”Direct Method Lang Company has not yet prepared a formal statement of cash flows for 2016. Following are comparative balance sheets as of December 31, 2016 and 2015, and a statement of income and retained earnings for the year ended December 31, 2016: Required For purposes of a statement of cash flows, are the U.S. Treasury bills cash equivalents? If not, how should they be classified? Explain your answers. Prepare a statement of cash flows for 2016 using the direct method in the Operating Activities section.
ST&C's financial statements for the 2015 and 2014 fiscal years contained the following information: Balance Sheets ($ in millions) 2015 2014 Current assets: Accounts receivable, net of allowances for doubtful accounts of $724 and $654 $ 16,732 $ 14,547 Income Statements ($ in millions) 2015 2014 Revenues $ 148,801 $ 132,667 In addition, the statement of cash flows disclosed bad debt expense of $1,436 million in 2015 and $1,052 million in 2014. Required: Determine the amount of actual bad debt write-offs made during 2015. Note: Enter your answer in millions and not in dollars. Determine the amount of cash collected from customers during 2015. Note: Enter your answer in millions and not in dollars. Compute the receivables turnover ratio for 2015. Note: Round your answer to 2 decimal places.
Suppose the following financial data were reported by 3M Company for 2021 and 2022 (dollars in millions). 3M Company Balance Sheets (partial) Current assets Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Current liabilities 2022 $3,010 3,510 2,765 1,914 2021 $4,770 $1,908 3,195 3,028 1,621 $11,199 $9,752 $5,800
Suppose the following financial data were reported by 3M Company for 2021 and 2022 (dollars in millions). 3M Company Balance Sheets (partial) 2022 2021 Current assets Cash and cash equivalents $3,044 $1,887 Accounts receivable, net 3,100 3,040 Inventories 2,687 3,022 Other current assets 1.894 1,526 Total current assets $10,725 $9.475 Current liabilities $ 4,988 $5,893 (a) Calculate the current ratio and working capital for 3M for 2021 and 2022. (Round current ratio to 2 decimal places, eg 125:1) Current ratio 2021 2.15 :1 2022 1.60 :1 Working capital 2021 %24 5737 million 2022 %24 3582 million
Diane's balance sheets as of December 31, 2016 and 2017 are presented below: 2016 310,000 300,000 0 2017 $443,456 430,000 100,000 17,356) 950,000 ( 318.100) $1.588.000 Cash Accounts receivable, net Long-term notes receivable Discount on long-term notes receivable Property, plant, and equipment at cost Accumulated depreciation 0) 750,000 325,000) $1035.000 TOTAL ASSETS 230,000 220,000 25,000 60,000 200,000 300,000 $1035.000 $175,000 310,000 15,000 110,000 315,000 663,000 $1.588.000 Accrued liabilities Unearned revenues Short-term debt Common stock, $1 par value Additional paid-in-capital Retained earnings TOTAL LIABILITIES & SE Diane's 2017 income statement is presented below: Service revenues Other revenues and gains/losses, net Selling, general, and administrative expenses Interest expense $1,800,000 1,987 1,209,000 1,000 588,013 125,013 463.000 Income before income taxes Income tax expense Net income SELECTED OTHER INFORMATION: 1 On January 1,2017, Diane provided services to a…
From the following information, balance the ledger Cash A/c Date Particulars Amount Date Particulars Amount 1.6.2017 CAPITAL 84000 5.6.2017 Purcahses 14600 10.6.2017 sales 9500 30.6.2017 General expenses 178 30.6.2017 Salaries 4500 30.6.17 Bal C/d ? Select one: a. 84222 OMR b. 45522 OMR c. 74222 OMR d. 94222 OMR
compute the cash ratios for 2018 and 2017 (Round your answers to two decimal places, X.XX.) 2018:? 2017:? here is the data table Ranfield, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 2016* Assets Current Assets: Cash $91,000 $90,000 Accounts Receivables, Net 112,000 119,000 $102,000 Merchandise Inventory 148,000 160,000 202,000 Prepaid Expenses 17,000 6,000 Total Current Assets 368,000 375,000 Property, Plant, and Equipment, Net 213,000 174,000 Total Assets $581,000 $549,000 $596,000 Liabilities Total Current Liabilities $223,000 $241,000 Long-term Liabilities 115,000 98,000 Total Liabilities 338,000 339,000 Stockholders' Equity…
Swifty Ltd. had the following 2023 income statement data: Revenues Expenses 1/1/23 Revenues $113,000 In 2023, Swifty had the following activity in selected accounts: 12/31/23 49,200 $63,800 Accounts Receivable 19,100 113,000 34,780 1,320 Write-offs 96,000 Collections Allowance for Expected Credit Losses Write-offs 1.320 Swifty Ltd. Statement of Cash Flows (Indirect Method) 1,300 1.540 1.520 1/1/23 Loss on impairment 12/31/23 Prepare Swifty's cash flows from operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a negative sign e.g. -10,000 or in parenthesis eg. (10,000).
Prepare a statement of cash flows for the Maness Coporation, using the infromation shown in the balance sheets. 2017 2018 Changes Assets Cash $150 $125 $(25) Accounts receiveable 350 375 25 Inventory 475 550 75 Total current assets 975 1,050 75 Gross fixed assets 2425 2750 325 Accumulated depreciation (1000) (1200) (200) Net fixed assets 1425 1550 125 TOTAL ASSETS 2400 2600…
XS Supply Company is developing its annual financial statements at December 31, 2017. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: 2017 2016   Balance Sheet at December 31      Cash $ 37,120 $ 30,800      Accounts Receivable 37,850 30,800      Merchandise Inventory 47,900 40,900      Property and Equipment 175,250 132,000      Less: Accumulated Depreciation (38,250 ) (33,000 ) $ 259,870 $ 201,500      Accounts Payable $ 42,850 $ 32,500      Wages Payable 1,430 2,050      Note Payable, Long−Term 32,700 44,100      Contributed Capital 104,500 80,600      Retained Earnings 78,390 42,250 $ 259,870 $ 201,500   Income Statement for 2017      Sales $ 202,000      Cost of Goods Sold…
Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019 Current assets     Cash and cash equivalents $3,040 $1,908     Accounts receivable, net 3,370 3,180     Inventories 2,774 3,016     Other current assets 1,956 1,628 Total current assets $11,140 $9,732 Current liabilities $4,882 $5,875 Calculate the current ratio and working capital for 3M for 2019 and 2020.
The current assets and current liabilities sections of the balance sheet of Blossom Co. appear as follows. The current assets and current liabilities sections of the balance sheet of Blossom Co. appear as follows. Blossom Co.Balance Sheet (Partial)As of December 31, 2017 Cash $17,100 Accounts payable $27,700 Accounts receivable $40,100 Notes payable 13,600     Less: Allowance for doubtful accounts 1,300 38,800 Unearned revenue 2,600 Inventory 63,300 Total current liabilities $43,900 Prepaid expenses 7,200 Total current assets $126,400 The following errors in the corporation’s accounting have been discovered: 1. Keane collected $3,800 on December 20, 2017 as a down payment for services to be performed in January, 2018. The company’s controller recorded the amount as revenue. 2. The inventory amount reported included $3,000 of merchandise that had been received on December 31, 2017 but…