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2 years ago

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

Business

1 answer:

ch4aika [34]2 years ago

4 0

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.

Learn more: brainly.com/question/15966323

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