Dr. Popper, is a leading worldwide Integrated brand owner, bottler, and distributor of non-alcoholic beverages. The following represents selected data from recent financial statements of Dr. Popper (dollars in millions): (in millions) Assets Dr. Popper Consolidated Balance Sheets (partial) December 31, December 31, 20x3 20x2 Current assets: Cash and cash equivalents Accounts receivable (net of allowances of $12 and $19, respectively) Consolidated Statements of Income (partial) $ 222 $ 71 530 For the Year Ended December 31 540 (in millions) 20x3 Net sales $ 5,800 Net income $ 894 20x2 $ 5,680 $ 870 20x1 $ 5,678 $ 720 Source: Dr. Popper The company also reported bad debt expense of $6 million in 20x3, $12 million in 20x2, and $8 million in 20x1. Required: 1. Record the company's write-offs of uncollectible accounts for 20x3. 2. Assuming all sales were on credit, what amount of cash did Dr. Popper collect from customers in 20x3? 3. Compute the company's net profit margin for the three years presented. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Record the company's write-offs of uncollectible accounts for 20x3. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). View transaction list View journal entry worksheet No Transaction General Journal 1 1 No Transaction Recorded < Required 1 Required 2 > Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Transcribed Image Text:Dr. Popper, is a leading worldwide Integrated brand owner, bottler, and distributor of non-alcoholic beverages. The following represents selected data from recent financial statements of Dr. Popper (dollars in millions): (in millions) Assets Dr. Popper Consolidated Balance Sheets (partial) December 31, December 31, 20x3 20x2 Current assets: Cash and cash equivalents Accounts receivable (net of allowances of $12 and $19, respectively) Consolidated Statements of Income (partial) $ 222 $ 71 530 For the Year Ended December 31 540 (in millions) 20x3 Net sales $ 5,800 Net income $ 894 20x2 $ 5,680 $ 870 20x1 $ 5,678 $ 720 Source: Dr. Popper The company also reported bad debt expense of $6 million in 20x3, $12 million in 20x2, and $8 million in 20x1. Required: 1. Record the company's write-offs of uncollectible accounts for 20x3. 2. Assuming all sales were on credit, what amount of cash did Dr. Popper collect from customers in 20x3? 3. Compute the company's net profit margin for the three years presented. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Record the company's write-offs of uncollectible accounts for 20x3. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). View transaction list View journal entry worksheet No Transaction General Journal 1 1 No Transaction Recorded < Required 1 Required 2 > Debit Credit

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