Aldo's financial statements for the 2010 and 2009 fiscal years contained the following information:
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Balance Sheets ($ in millions)
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2010
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2009
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Current assets:
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|
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Accounts receivable, net of allowances for $13,610
doubtful accounts of $957 and $1,202
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$14,845
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Income Statements ($ in millions)
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2010
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2009
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Revenues
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$124,280
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$122,513
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In addition, the statement of cash flows disclosed bad debt expense of $1,334 million in 2010 and $1,762 million in 2009.
Required:
- Determine the amount of actual bad debt write-offs made during 2010.
- Determine the amount of cash collected from customers during 2010.
- Compute the receivables turnover ratio for 2010.