HW_5 - Problem 7-5 Requirement 1 ($ in millions) Accounts...

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Problem 7-5 Requirement 1 ($ in millions) 2009 2008 Accounts receivable, net $837,010 $758,200 Add: Allowances 20,991 23,314 Accounts receivable, gross $858,001 $781,514 Requirement 2 ($ in millions) Analysis of allowance for doubtful accounts Balance, beginning of year $8,915 Add: Bad debt expense 1,500 Less: Balance end of year (8,863) Write offs $1,552 Requirement 3 ($ in millions) Analysis of allowance for sales returns Balance, end of year $12,128 Add: Actual returns 3,155 Less: Balance beginning of year (14,399) Estimated sales returns $ 884 Gross sales for the year equal net sales of $6,149,800 + estimated sales returns of $884 = $6,150,684 thousand. Requirement 4 ($ in millions) Accounts receivable analysis: Balance, beginning of year $ 781,514 Add: Credit sales 6,150,684 Less: Bad debt write-offs (1,552) Less: Actual sales returns (3,155) Less: Balance end of year (858,001 ) Cash collections $6,069,490
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Problem 7-10 Requirement 1 February 28, 2011 Note receivable . ............................................................ 10,000 Sales revenue . ........................................................... 10,000 March 31, 2011 Note receivable (face amount) .......................................... 8,000
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HW_5 - Problem 7-5 Requirement 1 ($ in millions) Accounts...

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