25 May WHAT IS THE AMOUNT OF SYMANTEC’S GROSS SALES FOR THE 2009 FISCAL YEAR?
Symantec Corp., located in Cupertino, California, is one of the world’s largest producers of security and systems management software. The company’s consolidated balance sheets for the 2009 and 2008 fiscal years included the following ($ in thousands): Current assets: Receivables, less allowances of $20,871 in 2009 and $23,254 in 2008 [(2009 Receivables) $848,130 ] [(2008 Receivables) $742,260] A disclosure note accompanying the financial statements reported the following ($ in thousands): YEAR ENDED Trade accounts receivable, net: Receivables [(2009) $869,001)] [(2008) $765,514) Less: allowance for doubtful accounts [(2009) $ -8,683] [(2008) $ -8,965] (these are negatives) Less: Reserve for Product Returns [(2009) ($ -12,188] [(2008) ($ -14,289] (these are negatives) Trade Accounts Recievable, net: [(2009) $848,130] [(2008) $742,260] Assume that the company reported bad debt expense in 2009 of $1,520 and had products returned for credit totaling $3,295 (sales price). Net sales for 2009 were $6,163,800 (all numbers in thousands). HOW DO YOU CALCULATE: (A): What amount of accounts receivable did Symantec write off during 2009? (B): What is the amount of Symantec’s gross sales for the 2009 fiscal year? and (C): Assuming that all sales are made on a credit basis, what is the amount of cash Symantec collected from customers during the 2009 fiscal year?
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