Johnson Mills reported the following information in its 2015
financial statements ($ in millions):
A note disclosed that the allowance for uncollectible accounts had a balance of $31.9 million and $31.3 million at the end of 2015 and 2014, respectively. Bad debt expense for 2015 was $21.6 million.
Required:
Determine the amount of cash collected from customers during 2015.
| 2015 | 2014 | |||||
| Balance Sheets: | ||||||
| Accounts receivable, net | $ | 2,248.0 | $ | 1,725.2 | ||
| 2015 Income statement: | ||||||
| Sales revenue | $ | 18,578.1 | ||||
A note disclosed that the allowance for uncollectible accounts had a balance of $31.9 million and $31.3 million at the end of 2015 and 2014, respectively. Bad debt expense for 2015 was $21.6 million.
Required:
Determine the amount of cash collected from customers during 2015.
