Question

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Question 2 12 points]: AT&T's financial statements for the 2010 and 2009 fiscal years contained the following information: Balance Sheets (S in millions) 2010 2009 Current assets Accounts receivable.net of allowances for doubtful accounts of $957 and $1.202 $13.610 S14.845 ܘܢܘ ܕ Income Statements (S in millions) Revenues 2010 $124.280 2009 $122.513 In addition, the firm disclosed bad debt expenses of $1,334 million in 2010 and $1.762 million in 2009. Required: a. Determine the amount of actual write-offs made during 2010. 11 point 81202 +$334 8957 - $1579 in millions amount ofactual write-olfs made during 2010 1122513 b. Determine the amount of cash collected from customers during 2010.11 point) beginning AIR 1202 + 1u8u3 e&Gout Add or edit sales 1579 less write offs less endino AIR (957+ 13610) - 14567 lugusi cash collections 124280 1235 L 13610

Answer 1

Allowances for doubtful accounts Dv opening Calame $1202 write off of Bad debts | $1579) (Balanting amount) closing Balance 1957 Bad debt Expenas $1334 2536 $95 36 Amount collected from customers Revirables written off $1579 Account Dr opening Balance sout [14845+601) Sales $124280 cash collected C Balanung amount) 124181 closing Balance (954+13610) $14567 $140327 $140327