Symantec Corp., located in Cupertino, California, is one of the world's largest producers of security...
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Accounting
Symantec Corp., located in Cupertino, California, is one of the world's largest producers of security and systems management software. The company's consolidated balance sheets for the 2009 and 2008 fiscal years included the following ($ in thousands):
2009
2008
Current assets:
Receivables, less allowances of $22,851 in
2009 and $25,174 in 2008
$
839,410
$
759,400
A disclosure note accompanying the financial statements reported the following ($ in thousands):
Year Ended
2009
2008
(In thousands)
Trade accounts receivable, net:
Receivables
$
862,261
$
784,574
Less: allowance for doubtful accounts
(9,043
)
(9,095
)
Less: reserve for product returns
(13,808
)
(16,079
)
Trade accounts receivable, net:
$
839,410
$
759,400
Assume that the company reported bad debt expense in 2009 of $2,700 and had products returned for credit totaling $3,335 (sales price). Net sales for 2009 were $6,209,800 (all numbers in thousands).
Required:
1.
What is the gross amount of accounts receivable at the end of 2009 and 2008? (Enter your answers in thousands.)
2009
2008
account receivable
2.
What amount of accounts receivable did Symantec write off during 2009? (Enter your answer in thousands.)
accounts receivable write off
3.
What is the amount of Symantec's gross sales for the 2009 fiscal year? (Enter your answer in thousands.)
gross sales
4.
Assuming that all sales are made on a credit basis, what is the amount of cash Symantec collected from customers during the 2009 fiscal year? (Enter your answer in thousands.)
cash collections
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