Determine the amount of cash collected from customers

Assignment Help Accounting Basics
Reference no: EM13994093

General Mills reported the following information in its 2009 financial statements ($ in millions):

644_254-B-A-C-R (1617).png

Real World Financials
A note disclosed that the allowance for uncollectible accounts had a balance of $18 million and $16 million at the end of 2009 and 2008, respectively. Bad debt expense for 2009 was $14 million.

Required:

Determine the amount of cash collected from customers during 2009.

Reference no: EM13994093

Questions Cloud

Prepare the necessary general journal entries : Prepare the necessary general journal entries to establish the petty cash fund on October 2 and to replenish the fund on October 31.
Qualitative and quantitative risk analysis techniques : According to the Project Management Institute (PMI), both qualitative and quantitative risk analysis techniques are used to prioritize and determine the likelihood of risks. Compare and contrast quantitative versus qualitative analysis and discuss tw..
The rules of discovery were very restrictive : In the past, the rules of discovery were very restrictive, and trials often turned on elements of surprise. For example, a plaintiff would not necessarily know until the trial what the defendant’s defense was going to be. Work product is not a precis..
Advantages be transferred into international spheres : To what extent can Wal-Mart’s competitive advantages be transferred into international spheres? First identify the competitive advantages and then address the issue of transferring to international spheres. You may substantiate with reference to news..
Determine the amount of cash collected from customers : A note disclosed that the allowance for uncollectible accounts had a balance of $18 million and $16 million at the end of 2009 and 2008, respectively. Bad debt expense for 2009 was $14 million.
Evaluate the level of the impact that political influence : Evaluate the level of the impact that political influence has exerted upon the budgetary process overall. Suggest three to four (3-4) strategies that the managers could deploy in order to influence the budget process.
What are your top three strategies for engaging : What are your top three strategies for engaging your staff or others you have lead on a long term basis? What successes and shortcomings have you experienced with your leadership style?
Units of a major product and found the processing time : You’ve just completed a pilot run of 10 units of a major product and found the processing time for each unit was as follows: Use Exhibit 6.4 and Exhibit 6.5. According to the pilot run, what would you estimate the learning rate to be? Based on(a), ho..
Change management involving the integration : Explain your experience with change management involving the integration and/or upgrade of security technology (e.g., access control and badging systems). What role did you play with technical specifications, contractual negotiations, staff training,..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Discuss the ethical dilemma you face consider your options

ap5-5 you have recently been hired as the assistant controller for stanton industries. your immediate superior is the

  Pepare the following journal entries and answer the

prepare the following journal entries and answer the questions.descriptionsexplanations are not required for the

  Official brands general ledger and supplementary records

Official Brands general ledger and supplementary records at the end of its current period reveal the following.

  Relevant cost of making and puchasing the component

Compute the relevant cost of making and puchasing the component. Which alternative is less costly and by how much? What qualitative factors might influence the decision about whether to make or to buy the component?

  T who never married nor made any prior inter vivos gifts

who never married nor made any prior inter vivos gifts made taxable gifts of 6 million in 2013. t dies in the current

  Budgeted manufacturing overhead rate

Determine the budgeted manufacturing overhead rate for each department. Prepare the necessary journal entries to summarize the March transactions for Department 100.

  Accounting principles-comprehensive

Presented below are a number of business transactions that occurred during the current year for Gonzales, Inc. Instructions In each of the situations, discuss the appropriateness of the journal entries in terms of generally accepted accounting pri..

  Large amount of cash inflows

A U.S. firm has received a large amount of cash inflows periodically in Swiss francs as a result of exporting goods to Switzerland. It has no other business outside the U.S. It could best reduce its exposure to exchange rate risk by:

  What is the balance in accumulated depreciation

Rollins Company purchased a depreciable asset for $300,000 on April 1, 2008. The estimated salvage value is $30,000, and the estimated total useful life is 5 years. The straight-line method is used for depreciation. What is the balance in accumula..

  Indicate in each case whether the item has been handled in

indicate in each case whether the item has been handled in accordance with generally accepted accounting principles. if

  You have just been appointed as the auditor of gritty

you have just been appointed as the auditor of gritty manufacturing ltd and you are in the process of planning your

  5 years 5000 hours of usage jan 2008 purchased 460000

5 years 5000 hours of usage jan 2008 purchased 460000 salvage value of 60000 at end of 5 years 2008 usage was 1200

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd