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Help with requirements 2-3

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Required:
1. What is the amount of accounts receivable due from customers at the end of 2016 and 2015?
2. What amount of accounts receivable did Gemstone write off during 2016?
3. What is the amount of Gemstone's gross sales for the 2016 fiscal year?
4. Assuming that all sales are made on a credit basis, what is the amount of cash Gemstone collected from customers during the 2016
fiscal year?
Complete this question by entering your answers in the tabs below.
Req 1
Req 2 to 4
What amount of accounts receivable did Gemston Products write off during 2016? What is the amount of Gemston Product's
gross sales for the 2016 fiscal year? Assuming that all sales are made on a credit basis, what is the amount of cash Gemston
Products collected from customers during the 2016 fiscal year? (Enter your answers in thousands.)
2.
Accounts receivable write off
3.
Gross sales
4.
Cash collections
1925

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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
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:
1. What is the amount of accounts receivable due from customers at the end of 2016 and 2015?
2. What amount of accounts receivable did Gemstone write off during 2016?
3. What is the amount of Gemstone's gross sales for the 2016 fiscal year?
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