TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included the following information ($ in millions):
Homework Answers
Solution-
1. a) Amount of bad debts written off:-
| Particulars | ($ in millions) | ($ in millions) |
| Ending balance of accounts receivable (Gross) [5877+318] | 6195 | |
| Cash collected from customers | 44737 | |
| Total | 50932 | |
| Less : | ||
| Beginning balance of accounts receivable (Gross) [6313+357] | 6670 | |
| Credit sales | 43818 | 50488 |
| Bad debts written-off | 444 |
b) Amount of bad debt expense for 2015 :-
| Particulars | ($ in millions) |
| Ending balance of allowances | 318 |
| Bad debts written-off | 444 |
| Total | 762 |
| Less : Beginning balance of allowance | 357 |
| Bad debt expense for 2015 | 405 |
2. a) Accounts receivable balance for 2015 :-
| Particulars | ($ in millions) | ($ in millions) |
| Beginning balance of account receivable [6313+357] | 6670 | |
| Add : Credit sales | 43818 | |
| 50488 | ||
| Less : | ||
| Cash collected from customers | 44737 | |
| Bad debts written-off during 2015 | 444 | 45181 |
| Accounts receivable balance for 2015 | 5307 |
b) Bad debt expense = Baddebts written-off during 2015 = $444 millions
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TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included the following information ($ in millions):
TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included...
TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included the following information ($ in millions): 2015 2014 Current assets: Receivables, less allowances of $294 in 2015 and $327 in 2014 $ 5,677 $ 6,113 In addition, the income statement reported sales revenue of $41,806 ($ in millions) for the current year. All sales are made on a credit basis. The statement of cash flows indicates that cash collected from customers during the current...
TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included...
TLC Inc. manufactures large-scale, high-performance computer
systems. In a recent annual report, the balance sheet included the
following information ($ in millions):
2015
2014
Current assets:
Receivables, less allowances of $306 in 2015 and
$342 in 2014
$
5,777
$
6,213
In addition, the income statement reported sales revenue of $42,812
($ in millions) for the current year. All sales are made on a
credit basis. The statement of cash flows indicates that cash
collected from customers during the current...
TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet Included...
TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet Included the following Information ($ In millions): 2015 2014 Current assets: Receivables, less allowances of $294 in 2015 and $327 in 2014 $ 5,677 $ 6,113 In addition, the income statement reported sales revenue of $41,806 ($ In millions) for the current year. All sales are made on a credit basis. The statement of cash flows Indicates that cash collected from customers during the current...
TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included...
TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included the following information ($ in millions): 2015 2014 Current assets: Receivables, less allowances of $126 in 2015 and $117 in 2014 $ 4,277 $ 4,713 In addition, the income statement reported sales revenue of $27,722 ($ in millions) for the current year. All sales are made on a credit basis. The statement of cash flows indicates that cash collected from customers during the current...
TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included...
TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included the following information ($ in millions): 2015 2014 Current assets: Receivables, less allowances of $306 in 2015 and $342 in 2014 $ 5,777 $ 6,213 In addition, the income statement reported sales revenue of $42,812 ($ in millions) for the current year. All sales are made on a credit basis. The statement of cash flows indicates that cash collected from customers during the current...
TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included...
TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included the following information ($ in millions): 2015 2014 Current assets: Receivables, less allowances of $318 in 2015 and $357 in 2014 $ 5,877 $ 6,313 In addition, the income statement reported sales revenue of $43,818 ($ in millions) for the current year. All sales are made on a credit basis. The statement of cash flows indicates that cash collected from customers during the...
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The following data were included in a recent Papaya Inc. annual report (in millions): 2012 $80,225...
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The following balance sheet information (in $ millions) comes from the Annual Report to Shareholders of...
The following balance sheet information (in $ millions) comes
from the Annual Report to Shareholders of Hotel California for the
2013 fiscal year. (Certain amounts have been replaced with question
marks to test your understanding of balance sheets.) In addition,
you’re provided with the following information from an analysis of
Hotel California’s financial position at the same date:
Current ratio = 4.78
Acid-test ratio = 0.968
Debt-to-equity ratio = 1.35
Compute the missing amounts (rounded to the nearest $ in...
TLC Inc. manufactures large-scale, high-performance computer
systems. In a recent annual report, the balance sheet included the
following information ($ in millions):
2015
2014
Current assets:
Receivables, less allowances of $306 in 2015 and
$342 in 2014
$
5,777
$
6,213
In addition, the income statement reported sales revenue of $42,812
($ in millions) for the current year. All sales are made on a
credit basis. The statement of cash flows indicates that cash
collected from customers during the current...
TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet Included the following Information ($ In millions): 2015 2014 Current assets: Receivables, less allowances of $294 in 2015 and $327 in 2014 $ 5,677 $ 6,113 In addition, the income statement reported sales revenue of $41,806 ($ In millions) for the current year. All sales are made on a credit basis. The statement of cash flows Indicates that cash collected from customers during the current...
TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included the following information ($ in millions): 2015 2014 Current assets: Receivables, less allowances of $126 in 2015 and $117 in 2014 $ 4,277 $ 4,713 In addition, the income statement reported sales revenue of $27,722 ($ in millions) for the current year. All sales are made on a credit basis. The statement of cash flows indicates that cash collected from customers during the current...
TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included the following information ($ in millions): 2015 2014 Current assets: Receivables, less allowances of $306 in 2015 and $342 in 2014 $ 5,777 $ 6,213 In addition, the income statement reported sales revenue of $42,812 ($ in millions) for the current year. All sales are made on a credit basis. The statement of cash flows indicates that cash collected from customers during the current...
The following data were included in a recent Papaya Inc. annual report (in millions): 2012 $80,225 $133,119 $185,500 15,600 2010 2011 2013 $194,910 16,400 Net revenue Net property, plant, and equipment 4,940 9,180 Required: 1. Compute Papaya's fixed asset turnover ratio for 2011, 2012, and 2013. (Do not round intermediate calculations. Round your answers to 1 decimal place.) Fixed Asset Year Turnover Ratio 2011 2012 2013
The following balance sheet information (in $ millions) comes
from the Annual Report to Shareholders of Hotel California for the
2013 fiscal year. (Certain amounts have been replaced with question
marks to test your understanding of balance sheets.) In addition,
you’re provided with the following information from an analysis of
Hotel California’s financial position at the same date:
Current ratio = 4.78
Acid-test ratio = 0.968
Debt-to-equity ratio = 1.35
Compute the missing amounts (rounded to the nearest $ in...
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