Aldos financial statements for the 2010 and 2009 fiscal, Ask an Expert

Accounting

Aldo's financial statements for the 2010 and 2009 fiscal years contained the following information:

Balance Sheets ($ in millions)	2010	2009
Current assets:
Accounts receivable, net of allowances for $13,610 doubtful accounts of $957 and $1,202		$14,845
Income Statements ($ in millions)	2010	2009
Revenues	$124,280	$122,513

In addition, the statement of cash flows disclosed bad debt expense of $1,334 million in 2010 and $1,762 million in 2009.
Required:

Determine the amount of actual bad debt write-offs made during 2010.
Determine the amount of cash collected from customers during 2010.
Compute the receivables turnover ratio for 2010.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9950492

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