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Miller Company reported the following information in its 2017 financial statements ($ in millions): 2017 2016 Balance Sheet: Accounts receivable, net $ 1,947.4 $ 1,574.6 Income statement: Sales revenue $ 18,276.6 A note disclosed that the allowance for uncollectible accounts had a balance of $27.4 million and $27.7 million at the end of 2017 and 2016, respectively. Bad debt expense for 2017 was $18.0 million. Required: Determine the amount of cash collected from customers during 2017. (Al

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anthougo

The Miller Company's cash collections from customers during 2017 are determined to total $17,885.8 million.

Data and Calculations:

Bad Debts Expense for 2017 = $18.0 million

Balance Sheet                                             2017           2016

                                                                 million         million

Accounts receivable, net                     $ 1,947.4    $ 1,574.6

Allowance for Uncollectible Accounts     $27.4         $27.7

Accounts receivable, gross                 $1,974.8     $1,602.3

Income statement:

Sales revenue $ 18,276.6

T-Accounts:

Accounts Receivable

Account Title                      Debit         Credit

Beginning balance     $1,602.3

Sales revenue             18,276.6

Allowance for Uncollectible               $18.3

*Cash                                             17,885.8

Ending balance                             $1,974.8

Totals                       $19,878.9 $19,878.9

Allowance for Uncollectible Accounts

Account Title                Debit         Credit

Beginning balance                        $27.7

*Accounts receivable $18.3

Bad debts expense                       $18.0

Ending balance          $27.4

Totals                         $45.7         $45.7

  • *The amounts were determined by subtraction.

Thus, the cash collected from customers during 2017 amounted to $17,885.8 million.

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