Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Accounting Posted 26 Sep 2017 My Price 8.00

Customers Microsoft

Inferring Bad Debt Write-Offs and Cash Collections from Customers Microsoft develops, produces, and markets a wide range of computer software, including the Windows operating system. On its recent financial statements, Microsoft reported the following information about net sales revenue and accounts receivable (amounts in millions).

Current
Year

Prior
Year

Accounts receivable, net of allowances of $153 and $117

$13,589

$11,338

Net revenues

60,420

51,122

According to its Form 10-K, Microsoft recorded bad debt expense of $88 and did not reinstate any previously written-off accounts during the current year. ( Hint: Refer to the summary of the effects of accounting for bad debts on the Accounts Receivable (Gross) and the Allowance for Doubtful Accounts T-accounts. Use the T-accounts to solve for the missing values.)

Required:

1. What amount of bad debts was written off during the current year?

2. Based on your answer to requirement (1), solve for cash collected from customers for the current year, assuming that all of Microsoft’s sales during the period were on open account.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 02:09 PM My Price 8.00

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