1 EMC Corporation manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sh

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1 Emc Corporation Manufactures Large Scale High Performance Computer Systems In A Recent Annual Report The Balance Sh 1 (33.41 KiB) Viewed 11 times

1 EMC Corporation manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included the following information ($ in millions): 4 points eBook Port Current assets: Receivables, less allowances of $90 in 2015 and $72 in 2014 Required: 1. Compute the following ($ in millions): 2015 In addition, the income statement reported sales revenue of $24,704 ($ 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 year was $25,737 ($ in millions). Note that there could have been significant recoveries of accounts receivable previously written off. Reg 1 $3,977 Rey 2A 2014 a. The net amount of bad debts written off or reinstated by EMC during 2015 b. The amount of bad debt expense or reduction of bad debt expense that EMC included in its income statement for 2015. 2. Suppose that EMC had used the direct write-off method to account for bad debts. Compute the following ($ in millions): a. The accounts receivable information that would be included in the 2015 year-end balance sheet. b. The amount of bad debt expense or reduction of bad debt expense that EMC included in its income statement for 2015. Reg 28 $4,413 Complete this question by entering your answers in the tabs below. View previous attempt