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Problem 3 (13 points) Use Whirlpool Corporation's financial statement information to answer the following questions. a. Provide the following account balances for Whirlpool (4 points): December 31, 2021 December 31, 2020 Accounts Receivable (gross) Allowance for Doubtful Accounts Accounts Receivable, net b. Which of the above numbers represents the total amount Whirlpool is owed by customers as of December 31, 2021? (1 point) c. Which of the above numbers represents the amount that Whirlpool believes it will not collect from its customers as of December 31, 2021? (1 point) d. Which of the above numbers represents the amount that Whirlpool believes it will collect from its customers as of December 31, 2021? (1 point) Whirlpool Corporation's Financial Statements (partial) Whirlpool CORPORATION As of Dec 31, 2020 $ 2,924 Consolidated Balance Sheets In millions of dollars As of ASSETS Dec 31, 2021 Cash and cash equivalents $ 3,044 Accounts receivable, net of the allowance of $98 million 3,100 as of 12/31/2021 and 133 million as of 12/31/2020 Inventories 2,717 Prepaid and other current assets 834 Total current assets $ 9,695 3,109 2,301 795 $ 9,129 Notes to Consolidated Financial Statements (partial) Footnote 1. Summary of Significant Accounting Policies 1.1 Description of Business Whirlpool Corporation, a Delaware corporation, manufactures products in 10 countries and markets products in nearly every country around the world under brand names such as Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, JennAir, Indesit, Yummly and Hotpoint. We conduct our business through four operating segments, which we define based on geography. Whirlpool Corporation's operating and reportable segments consist of North America. Furone Middle East and Africa (EMEA) Latin America and Asia Notes to Consolidated Financial Statements (partial) Footnote 1. Summary of Significant Accounting Policies 1.1 Description of Business Whirlpool Corporation, a Delaware corporation, manufactures products in 10 countries and markets products in nearly every country around the world under brand names such as Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, JennAir, Indesit, Yummly and Hotpoint. We conduct our business through four operating segments, which we define based on geography. Whirlpool Corporation's operating and reportable segments consist of North America; Europe, Middle East and Africa ("EMEA"); Latin America and Asia. 1.7 Accounts Receivable and Allowance for Doubtful Accounts We carry accounts receivable at sales value less an allowance for doubtful accounts. We estimate our allowance for doubtful accounts primarily by using an aging methodology and establish customer-specific reserves for higher risk trade customers. Our allowance for doubtful accounts is evaluated and controlled within each geographic region considering the unique credit risk specific to the country, marketplace and economic environment. We take into account a combination of specific customer circumstances, credit conditions, market conditions, reasonable and supportable forecasts of future economic conditions and the history of write-offs and collections in developing the reserve. We evaluate items on an individual basis when determining accounts receivable write-offs. A receivable is considered past due if payment has not been received within agreed upon invoice terms. The Allowance for Doubtful Accounts was 98 million on 12/31/2021, compared to the allowance balance of 133 million on 12/31/2020. The Company recorded Bad Debt Expense of $6 million in 2021 and $43 million in 2020. The Company wrote off $41 million of accounts receivable in 2021 and $42 million of accounts receivable in 2020. d. Which of the above numbers represents the amount that Whirlpool believes it will collect from its customers as of December 31, 2021? (1 point) e. Provide the journal entry (both accounts and amounts) that Whirlpool must have made to record its estimate of Bad Debt Expense in 2021. (3 points) 6 f. Provide the journal entry (both accounts and amounts) that Whirlpool must have made to record Accounts Receivable writeoffs in 2021. (3 points)