Bridget7903 Bridget7903

26-10-2021
Business

contestada

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.

Respuesta :

anthougo anthougo

05-11-2021

The cash the Miller Company collected from customers in 2017 is determined to be $17,885.8 million.

Data and Calculations:

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

Bad Debts Expense for 2017 = $18.0 million

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

Thus, the Miller Company collected cash worth $17,885.8 million from its customers in 2017.

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