Chapter 15 Pg 544

Financial Statement Analysis

McCormick and Company, Incorporated reported the following in its 2012 Annual Report:

Consolidated Balance Sheets
at November 30, 2012 (millions)
			2012	2011
Trade accounts receivable, less allowances of
$4.0 for 2012 and $4.5 for 2011			$465.90	$427.00
Total current assets			$1,285.40	$1,222.90

1. What were total trade accounts receivable at November 30, 2012, before the allowance was deducted?

2. Compute the percentage increase in trade accounts receivable, less allowance, from 2011 to 2012 reported on the consolidated balance sheet.

3. What percentage of total current assets on November 30, 2012, are made up of trade accounts receivable, less allowance?