1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
algol13
3 years ago
10

Analysis of Accounts Receivable and Allowance for Doubtful Accounts Steelcase, Inc. reported the following amounts in its 2014 a

nd 2013 10-K reports (years ended February 28, 2014 and February 22, 2013). $ millions)
From the income statement
Net sales
From the balance sheet
Accounts receivable, net
Customer deposits
From the disclosure on allowance for doubtful accounts:
Balance at beginning of period Additions (reductions) charged to income
Adjustments or deductions
Balance at end of period
2014 2013
$2,989 $2,869
306.8 287.3
16.0 13.5
4.5 19.6
2.8 3.1
(4.3) (8.2)
13.0 14.5
b. Calculate Steelcase's gross receivables for the years given, and then determine the allowance for doubtful accounts as a percentage of the gross receivables. 2014 2013 Gross accounts receivable (in millions) Allowance as a % of gross receivables Round to one decimal place.)
c. Calculate Steelcase's accounts receivable turnover for 2014. (Use Accounts receivable, net for the calculation.) Round answer to one decimal place times
d. How much cash did Steelcase receive from customers in 2014? 3,005 million
Business
1 answer:
Naddika [18.5K]3 years ago
6 0

Answer:

b. Gross Receivable = Net receivable +Allowance

2014 = $306.8 + $13 = $319.80

2013 = $287.3 + $14.5 = $301.8

Allowance as a % of Gross receivable = Allowance / Gross receivable

2014 = $13/319.80 = 0.041 =  4.1%

2013 = $14.5/301.8 = 0.015 = 1.5%

c. Average Net Accounts receivable = (Accounts receivable, net 2014 + Accounts receivable, net 2013) / 2 = ($306.8 + $287.3] / 2 = $297.05

Receivable Turnover = Net credit sales / Average Net Accounts receivable

Receivable Turnover = $2,989 / $297.05

Receivable Turnover = 10.06 Times

d) Cash received in 2014 = Beginning Gross receivables + Net sales - Ending Gross receivables-Adjustment in allowance (Write-off 2014)

Cash received in 2014 = $301.8 + $2,989 - $319.8 - $4.3

Cash received in 2014 = $2,966.7

Increase in customer deposits = $16 - 13.5 = $2.5

Total Cash received from customers in 2014 = Cash received in 2014 + Increase in customer deposits

Total Cash received from customers in 2014 = $2,966.7 + $2.5

Total Cash received from customers in 2014 = $2969.20

You might be interested in
Consider Emily's balance statement:
notsponge [240]

Answer:

see below

Explanation:

A balance sheet is prepared following the accounting principles of assets equal to liabilities plus equity. Assets are left side while equity and liabilities on the other.

Assets are valuable that a business owns. Liabilities refer to the debts or loans of the business. It is what the business owes others. Equity is the owner's contribution to the business.

In this balance sheet,  Emily has confused assets and liabilities.

The column labeled as liabilities represents assets. She should change that. This column should be the topmost column.  She has interchanged the labels for liabilities and assets. The difference between assets and liabilities should be equity.

8 0
3 years ago
Read 2 more answers
What are two primary opportunities in safe for driving relentless improvement?
Bess [88]

The two primary opportunities in safe for driving relentless improvement are option A. Iteration Retrospective and option D. Inspect and Adapt workshop. Hence, the correct answers are options A. and D.; Iteration Retrospective and Inspect and Adapt workshop respectively. Read below about Iteration Retrospective.

<h3>What is Iteration Retrospective?</h3>

The Iteration Retrospective is a usual event where Agile Team members debate the results of the Iteration, review their practices, and identify ways to improve. At the end of each iteration, Agile teams that make use of ScrumXP gather for an iteration retrospective.

Therefore, the correct answers are as given above.

learn more about Iteration Retrospective:

brainly.com/question/18646796

#SPJ1

The complete question goes thus:

What are two SAFe primary opportunities for driving relentless improvement? (Choose two)

a) Iteration Retrospective

b) Daily Stand-up

c) Program Backlog Refinement

c) PI Planning

d) Inspect and Adapt workshop

7 0
2 years ago
Bill Wessels has reviewed the strategic plan from corporate headquarters and is considering how to develop an annual business pl
LekaFEV [45]

Answer:

Bill is probably a(n)

SBU manager.

Explanation:

Bill Wessels, as a strategic business unit (SBU) manager, is responsible for strategic planning, profitability, and performance of his business unit.  The  SBU is a separate identifiable business unit in an entity with other SBUs. It has a manager, who is largely autonomous in pursuing the business mission of the unit.  It manages and accounts for its resource utilization separately from other units.  Its performance is evaulated based on set criteria.

5 0
3 years ago
A process cost accounting system is most appropriate when
mixer [17]

Answer:

When Manufacturing of a Product involves several processes.

Explanation:

When several processes are involved in manufacturing a product, costs need to be accumulated in these processing departments. Thus, A process cost accounting system is most appropriate

4 0
3 years ago
How does 2022 kicks’ xtronic cvt® adaptive ratio control respond to the vehicle accelerating out of a turn?.
MrRa [10]

There are new models of cars always coming out. The 2022 kicks’ xtronic cvt® adaptive ratio control respond to the vehicle accelerating out of a turn by;

  • When one holds the current gear ratio a just small or a little longer for good/better acceleration.

<h3>What is Xtronic CVT?</h3>

The Nissan CVT is known to be the Xtronic, This is an automobile vehicle that was first produced in 2011.

It is known for its unique moving parts that tends to reduce friction and heat. It is also known to last longer when compared to  traditional transmission.

Learn more about Cars from

brainly.com/question/124419

8 0
2 years ago
Other questions:
  • A company's interest expense is $20,000. Its income before interest expense and income taxes is $140,000. Its net income is $58,
    5·1 answer
  • Factors of production, such as physical capital, human capital, and technological knowledge, are crucial to economic growth. The
    13·1 answer
  • A seller uses a perpetual inventory system, and on April 17, a customer returns $1,000 of merchandise previously purchased on cr
    12·1 answer
  • Pro Corp., a U.S.-based MNC, uses purchasing power parity to forecast the value of the Thai baht (THB), which has a current exch
    15·1 answer
  • Activity Cost Activity Allocation Base Allocation Rate
    6·1 answer
  • Sara wants to have $600,000 in her savings account when she retires. How much must she put in the account now, if the account pa
    14·1 answer
  • Employee will prioritize her own goals rather than the team’s goals.
    11·1 answer
  • Cullumber Company uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at De
    11·1 answer
  • All of these are functions of money EXCEPT :________
    8·1 answer
  • The Midwest Division of Grainger Company has investment center average invested assets of $200,000 and investment center income
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!