Uncollectible accounts; allowance method; solving for unknowns; General Mills
Response to the following problem:
General Mills reported the following information in its 2013 financial statements ($ in millions):
2013 2012
Balance Sheet
Accounts receivable, net $ 1,446.4 $1,323.6
Income statement:
Sales revenue $17,774.1
A note disclosed that the allowance for uncollectible accounts had a balance of $19.9 million and $21.7 million at the end of 2013 and 2012, respectively. Bad debt expense for 2013 was $12.0 million
Required:
Determine the amount of cash collected from customers during 2013.