Limbo reports in millions of dollars on its balance sheet, Ask an Expert

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Limbo reports in millions of dollars on its balance sheet for year-end Year 5 and Year 4 as follows:

Year 5 Year 4

Credit Card Receivables 27,371 24,932

Less: Allowance for Uncollectibles (821) (808)

It reports write-offs of accounts receivable during Year 5 of 4.5% of its average gross receivables of 26000 and that Bad Debt Expense is 3.5% of credit card sales. What were Limbo's credit card sales for Year 5?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9952321

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