Question

The 2016 financial statements of Leggett & Platt, Inc. include the following information in a footnote. What are the company’s current gross accounts and other receivables at the end of 2016? (in millions) 2016 2015 Allowance for doubtful accounts $ 7.2 $ 9.3 Total accounts and other receivables, net $486.6 $520.2

Answer 1

Answer:

$493.8

Explanation:

Since the 2016 financial statements of Leggett & Platt, Inc. includes the following information in a footnote.  (in millions) 2016 2015 Allowance for doubtful accounts $ 7.2 $ 9.3 Total accounts and other receivables, net $486.6 $520.2

Therefore the company’s current gross accounts and other receivables at the end of 2016 is

Net Total accounts and other receivables, net $486.6

Allowance for doubtful accounts .............................$ 7.2

Gross accounts and other receivables................$493.8

The gross accounts and other receivables will be the amounts before making any allowances for doubtful accounts