Gildan Activewear Inc. (Gildan)-like all other businesses-makes adjusting entries prior to year end to measure assets, liabilities,

Question:

Gildan Activewear Inc. (Gildan)-like all other businesses-makes adjusting entries prior to year end to measure assets, liabilities, revenues, and expenses properly.
Examine Gildan's in Appendix A at the back of this book and on MyAccountingLab to answer the questions below.
Required
1. Gildan has trade of $191,594,000 (in US dollars). What types of customers account for these receivables? Where are most of the customers located?
2. What is Gildan's allowance for doubtful accounts balance, and how is the estimate calculated?
3. Does Gilden age its trade If so, indicate where in the this schedule is located.
4. How much did Gildan write off in bad debts during 2011? What percent of receivables did Gildan write off? Comment on this amount.
5. How many days' sales are in at December 31, 2011? Show all calculations. What does this ratio mean to the company?
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