General Mills reported the following information in its 2011 financial statements ($ in millions): A note disclosed
Question:
General Mills reported the following information in its 2011 financial statements ($ in millions):
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A note disclosed that the allowance for uncollectible accounts had a balance of $16.3 million and $15.8 million at the end of 2011 and 2010, respectively. Bad debt expense for 2011 was $12.7 million.
Required:
Determine the amount of cash collected from customers during2011.
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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in millions Allowance for uncollectible accounts Balance beginning of year 158 Add B...View the full answer
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Related Book For 
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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