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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Comparative Analysis: Under Armour, Inc., versus Columbia Sportswear

Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com.

Required:

Look at Columbia’s Note 5. What was Columbia’s allowance for doubtful accounts as a percentage of gross accounts receivable at the end of 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.

Calculate Columbia’s allowance for doubtful debts as a percentage of gross accounts receivable at the end of 2015 and 2016.

Explanation

The ending balance of allowance for doubtful accounts and the gross accounts receivable at the end of 2015 and 2016 had been taken from Cengage brain website upon referring Note 5. The balance of allowance for doubtful accounts on December 31st 2015 is 9928000 and the ending balance on December 31st 2016 is 8556000. The gross accounts receivable at the end of 2015 and 2016 is 381881000 and 342234000 respectively...

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