Interpreting Bad Debt Disclosure s
Siemens is one of the world’s largest electrical engineering and electronics companies,
Headquartered in Germany, the company has been in business for over 160 years and operates in 190 countries. In a recent annual report. it disclosed the following information concerning its allowance for doubtful accounts (euros in millions denoted as €):
Balance at Beginning of Period | Charged to Costs an d Expenses | Amounts Written Off | Balance at End of Period |
€895 | €27 1 | € (153) | €1 ,0 13 |
Required:
1. Record summary journal entries related to the allowance for doubtful accounts for the current year.
2. If Siemens had written off an additional €10milli on of accounts receivable during the period, how would receivables, net, and net income have been affected? Explain why.
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