Question

IRobot designs andmanufactures 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.

Required:
Compute the amount of cash collected from customers during fiscal 2015.

Answer 1

iRobot

The amount of cash collected from customers during fiscal 2015 = $583,155.

Step-by-step explanation:

a) Data and Calculations:

Allowance at January 2, 2016 = $33

Allowance at December 27, 2014 = $67

Accounts Receivable at January 2, 2016 = $104,679

Accounts Receivable at December 27, 2014 = $71,056

Revenue for 2015, year ended Jan 2, 2016 = $616,778

Bad debt expense for 2015 = $0

Computation of the Cash collected from customers during fiscal 2015:

Accounts Receivable

Dec. 27, 2014 Balance $71,056

2015 Revenue 616,778

Jan. 2, 2016 Balance (104,679)

2015 Cash $583,155