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Computing Cash Collections from Customers
Computing Cash Collections from Customers.
iRobot designs and manufactures robots for consumer, commercial, and military use. For the fiscal year ended January 2,2016, the company reported the following on its balance sheet and income statement (amounts in thousands):
- Accounts receivable, net of allowance of $33 at January 2,2016, and $67 at December 27 2014, of $104,679 and $71,056, respectively.
- Revenue for fiscal 2015 (i.e., the year ended January 2,2016 ) of $616,778.
- Bad debt expense for fiscal 2015 of $0.
Compute the amount of cash collected from customers during fiscal 2015.
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Expert Solution
| Jan-14 | Jan-16 | |
| Account Receivable Net of Allowance | 71056 | 104679 |
| Allowance for Bad Debts | 67 | 33 |
| Account Receivable Gross | 71123 | 104712 |
| Computation of Cash Collected from Customers: | ||
| Ending Accounts Receivable | 104712 | |
| Revenue for the Year | 616778 | |
| Total | 721490 | |
| Less: Beginning Accounts Receivables | 71123 | |
| Cash Collected from Customers during 2015 | 650367 | |
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