General Mills reported the following information in its 2015 financial statements ($ in millions): A note disclosed
Question:
General Mills reported the following information in its 2015 financial statements ($ in millions):
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A note disclosed that the allowance for uncollectible accounts had a balance of $25.3 million and $21.0 million at the end of 2015 and 2014, respectively. Bad debt expense for 2015 was $19.8 million.
Required:
Determine the amount of cash collected from customers during 2015.
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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Allowance for uncollectible accounts Balance beginning of year Add Bad debt ex...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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