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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Research and Analysis Using the Annual Report

Obtain Whirlpool’s Fiscal 2016 10-K (filed Feb. 13, 2017) through the "Investor Relations" portion of its website (do a web search for Whirlpool investor relations). Once at the Investor Relations section of the website, look for "SEC Filings" under the "FINANCIAL INFORMATION" header. When you see the list of all the filings, either filter for the "Annual Filings" or search for "10-K." Another option is to go to www.sec.gov and click "Company Filings Search" under "Filings."

Required:

Looking at the Balance Sheet, what was Whirlpool’s allowance for doubtful accounts at December 31, 2015 and 2016?

To determine

Concept introduction:

Allowance for doubtful debts:

Companies generally make credit sales to improve their business and expand their customer base. When a credit sales is made the amount that the company has to receive from its customers is known as receivable. Usually all the customers does not repay the amount they owe to the company and hence there are chances of some not repaying the amount and these are called as bad debts. The company usually estimates that a portion of its receivables will become bad debts and create provisions for the same. This provision is called as allowance for doubtful debts.

What was Whirlpool’s allowance for doubtful accounts at December 31st 2015 and 2016??

Explanation

The allowance for doubtful accounts values of Whirlpool has been taken from the Sec.gov website. The allowance for doubt...

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