Question

iRobot designs and manufactures robots for consumer, commercial, and military use. For the fiscal year ended...

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.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Problem 7-5 (Algo) Receivables; bad debts and returns; Gemstone Products [LO7-4, 7-5] Gemstone Products located in...
Problem 7-5 (Algo) Receivables; bad debts and returns; Gemstone Products [LO7-4, 7-5] Gemstone Products located in New York City, is one of the world's largest producers of beauty and related products. The company's consolidated balance sheets for the 2016 and 2015 fiscal years included the following ($ in thousands): 2016 2015 Current assets: Receivables, less allowances of $132,185 in 2016 and $87,785 in 2015 $ 460,300 $ 440,700 A disclosure note accompanying the financial statements reported the following ($ in...
TravelToday, Inc., disclosed the following rounded amounts (in thousands) concerning the Allowance for Doubtful Accounts on...
TravelToday, Inc., disclosed the following rounded amounts (in thousands) concerning the Allowance for Doubtful Accounts on its Form 10-K annual report. Allowance for Doubtful Accounts (dollars in thousands) Beginning Increases for Decreases for Ending Year Balance Bad Debt Expense Write-Offs Balance 2016 $ 9,300 $ 4,150 $ ? $ 1,350 2015 8,300 4,750 3,750 9,300 2014 12,800 1,050 5,550 8,300 Required: 1-a. Prepare a T-account for the Allowance for Doubtful Accounts and enter into it the 2014 amounts from the...
TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included...
TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included the following information ($ in millions): 2015 2014 Current assets: Receivables, less allowances of $330 in 2015 and $372 in 2014 $ 5,977 $ 6,413 In addition, the income statement reported sales revenue of $44,824 ($ in millions) for the current year. All sales are made on a credit basis. The statement of cash flows indicates that cash collected from customers during the current...
Rogala Foods Inc. was formed in 2015 with the merger of Grouch Mayer and Tashamo Corporation....
Rogala Foods Inc. was formed in 2015 with the merger of Grouch Mayer and Tashamo Corporation. The company reported the following rounded amounts for the year ended January 3, 2016 (all amounts in millions): Debits Credits Accounts Receivable $ 1,070 Allowance for Doubtful Accounts $ 32 Sales (assume all on credit) 17,800 Required: Assume Rogala uses 1/2 of 1 percent of sales to estimate its Bad Debt Expense for the year. Prepare the adjusting journal entry required for the year,...
Form 10-K of Costco Wholesale Corporation for fiscal year ended August 28, 2016, includes the following...
Form 10-K of Costco Wholesale Corporation for fiscal year ended August 28, 2016, includes the following footnote (excerpted): Revenue Recognition The Company generally recognizes sales, which include shipping fees where applicable, net of returns, at the time the member takes possession of merchandise or receives services. When the Company collects payments from members prior to the transfer of ownership of merchandise or the performance of services, the amounts received are generally recorded as deferred sales, included in other current liabilities...
Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended...
Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2019–2013 ($ thousands) 2019 2018 2017 2016 2015 2014 2013 Sales $ 1,811 $ 1,587 $ 1,443 $ 1,323 $ 1,235 $ 1,148 $ 941 Cost of goods sold 1,302 1,059 911 797 741 693 552 Gross profit 509 528 532 526 494 455 389 Operating expenses 388 303 278 205 178 176 146 Net income $ 121 $ 225 $ 254...
1.   Rainer Inc. acquired equipment from the manufacturer on 10/1/15 and gave a noninterest-bearing note in...
1.   Rainer Inc. acquired equipment from the manufacturer on 10/1/15 and gave a noninterest-bearing note in exchange. Rainer is obligated to pay $918,000 on 4/1/16 to satisfy the obligation in full. If Rainer accrued interest of $9,000 on the note in its 2015 year-end financial statements, what is its imputed annual interest rate?    A. 5%    B. 4%    C. 2%    D. 6% 2.   The Do-It-Yourself Hardware began 2015 with a credit balance of $32,000 in the allowance...
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were...
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: Record on journal page 10: Jan. 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash. Feb. 15 Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 16 Declared a dividend of $0.50 per share on common stock and $1.00 per...
Marmidan Mold Shop Inc. designs and builds molds for the automotive and aircraft industries. The account...
Marmidan Mold Shop Inc. designs and builds molds for the automotive and aircraft industries. The account balances in the company’s general ledger on January 1, 2020 (first day of the new annual fiscal year) were as follows (all account balances are in their normal position): Cash                                                                    $     3,700 Accounts receivable                                                   5,900 Supplies inventory                                                    29,300 Land                                                                        168,500   Buildings                                                                 116,500 Accumulated depreciation, buildings                       37,500    Equipment                                                                 58,500 Accumulated depreciation, equipment                     18,000 Accounts payable                                                      25,200 Income tax payable                                                   16,600 Interest payable                                                           4,200 Wages payable...
Project Details The Acme Gadget Company designs and manufactures consumer gadgets. Last year, Acme began development...
Project Details The Acme Gadget Company designs and manufactures consumer gadgets. Last year, Acme began development of three prototype gadgets with the intention of bringing all three to market. However, a recent downturn in the economy has forced Acme to reconsider due to decreased consumer demand that is projected to remain low for 2-3 years. As such, Acme will bring only one of the prototypes to market. They’ve hired a consulting firm to advise which prototype to bring to market....