Refer to the information about Sears given in E8-14. Data From E8-14. Assume the 2017 annual report

Question:

Refer to the information about Sears given in E8-14.

Data From E8-14.

Assume the 2017 annual report for Sears Holding Corporation contained the following information (in millions):

2017 2016 Accounts Receivable $881 $781 Allowance for Doubtful Accounts 42 37 Accounts Receivable, Net $839 $744

A footnote to the financial statements disclosed that accounts receivable write-offs amounted to $13 million during 2017 and $3 million during 2016. Assume that Sears did not record any recoveries.

Required:

Complete the following table indicating the direction of the effect (+ for increase, − for decrease, and NE for no effect) of each transaction during 2017:

Financial Statements
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... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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