Problem 7-5 Receivables; bad debts and returns; Avon Products, Inc. [L07-4, 7-5] Avon Products, Inc., located in New York City, is one of the world's largest producers of beauty consolidated balance sheets for the 2015 and 2014 flscal years included the following ($ in thousands;: and related products. The company's 2015 Current assetst Receivables, less allovances of $86,700 in 2015 and $106,900 in 2014 $443,000 $515,600 A disclosure note accompanying the financial statements reported the following ($ in thousands): Year Rnded (In thousands) 529,700 $622,500 $443,000 $515,600 2015 2014 Calculation of account receivables, net Receivables Less: allowance for doubtful accounts Less: reserve for product returns (77,600) (93,700) (9,100) (13, 200) Trade aceounts receivable, net Assume that the company reported bad debt expense in 2015 of $144 100 and had products returned for credit totaling $6,800 (sales price). Net sales for 2015 were $6,076,500 (all numbers in thousands). Required: 1. What is the amount of accounts receivable due from customers at the end of 2015 and 2014? 2. What amount of accounts recelvable did Avon write off during 2015 3. What is the amount of Avon's gross sales for the 2015 fiscal year? 4. Assuming that all sales are made on a credit basis, what is the amount of cash Avon collected from customers during the 2015 fisca year? Complete this question by entering your answers in the tabs below. Required 1. What is the amount of accounts receivable due from customers at the end of 2015 and 2014 2. What amount of accounts receivable did Avon write off during 2015? 3. What is the amount of Avon's gross sales for the 2015 fiscal year? 4. Assuming that all sales are made on a credit basis, what is the amount of cash Avon collected from customers du year? Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 4 What is the amount of accounts receivable due from customers at the end of 2015 and 20147 (Enter your answers in thousands) 2015 2T2014 Accounts receivable (gross) Req 2 to 4 Complete this question by entering your answers in the tabs below. Req1 Req 2to 4 What amount of accounts receivable did Avon write off during 2015? What is the amount of Avon's gross sales for the 2015 fiscal year? Assuming that all sales are made on a credit basis, what is the amount of cash Avon collected from customers during the 2015 fiscal year? (Enter your answer in thousands.) 2. Accounts receivable write off 3. Gross sales 4 Cash collections CReq 1