Question

Miller Company reported the following information in its 2017 financial statements ($ in millions):

Answer 1

The cash the Miller Company collected from customers in 2017 is determined to be $17,885.8 million.

Data and Calculations:

 Balance Sheet:                                          2017           2016

                                                                 million         million

Accounts receivable, net                     $ 1,947.4    $ 1,574.6

Allowance for Uncollectible Accounts     $27.4         $27.7

Accounts receivable, gross               $1,974.8   $1,602.3

Bad Debts Expense for 2017 = $18.0 million

Income statement:

Sales revenue $ 18,276.6

T-Accounts:

Accounts Receivable

Account Title                      Debit         Credit

Beginning balance      $1,602.3

Sales revenue             18,276.6

Allowance for Uncollectible               $18.3

Cash                                               17,885.8

Ending balance                             $1,974.8

Totals                       $19,878.9 $19,878.9

Allowance for Uncollectible Accounts

Account Title                Debit         Credit

Beginning balance                        $27.7

Accounts receivable  $18.3

Bad debts expense                       $18.0

Ending balance          $27.4

Totals                         $45.7         $45.7

 

Thus, the Miller Company collected cash worth $17,885.8 million from its customers in 2017.

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