Interpreting the Accounts receivable Footnote Hewlett-Packard Company (HPQ) reports the following in its 2007 10-K report. October 31 (in millions) 2007 2006
Accounts receivable, net $13,420 $10,873

HPQ footnotes to its 10-K provide the following additional information relating to its allowance for doubtful accounts.

For the fiscal years ended October 31 (in millions)

2007 2006 2005
Allowance for doubtful accounts-accounts receivable
Balance, beginning of period $220 $227 $286
Increase in allowance from acquisition 245 3 4
Addition of bad debts provision 32 37 17
Deductions, net of recoveries (29) (48) (76)
Balance, end of period $226 $220 $227

Required:
a. What is the gross amount of accounts receivables for HPQ in fiscal 2007 and 2006?
b. What is the percentage of the allowance for doubtful accounts to gross accounts receivable for 2007 and 2006?
c. What amount of bad debts expense did HPQ report each year 2007 through 2006? What amount was actually written off?

The answer is below

Explanation:

Interpreting the Accounts receivable Footnote Hewlett-Packard Company (HPQ) reports the following in its 2007 10-K report. We have the following:

(a) What is the gross amount of accounts receivables for HPQ in fiscal 2007 and 2006?($ millions)2007, 2006

Gross accounts receivable for year 2007 = $13,646 for year 2006 = 11,093

(b)What is the percentage of the allowance for doubtful accounts to gross accounts receivable for 2007 and 2006?(Round your answers to two decimal places.)($ millions) 2007 2006 Percentage of uncollectible accounts to gross accounts receivable for year 2007 =  1.66% for year 2006 =1.98 %

(c)What amount of bad debts expense did HPQ report each year 2005 through 2007? What amount was actually written off? ($ millions)2007, 2006, 2005,

Bad debt expense for year 2007 = $32. Year 2006 = $37.   Year 2005 = $17

Amount actually written off for year 2007 = $29.  Year 2006 = $48 Year 2005 = $76

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