Using Corney Company's accounts receivable disclosures and the following information, answer the questions below. NOTE 1: Accounting PoliciesAccounts ReceivableAccounts receivable consists principally of trade receivables, which are recorded at the invoiced amount, net of allowances for doubtful accounts and prompt payment discounts. Trade receivables do not bear interest. The allowance for doubtful accounts represents management's estimate of the amount of probable credit losses in existing accounts receivable, as determined from a review of past due balances and other specific account data. Account balances are written off against the allowance when management determines the receivable is uncollectible. For the years ended 2019 and 2018, the Company did not have off-balance sheet credit exposure related to its customers.NOTE 18 SUPPLEMENTAL FINANCIAL STATEMENT DATAConsolidated Balance Sheet (millions)20192018Trade receivables$800$1,500Allowance for doubtful accounts(5)(15)Refundable income taxes4763Other receivables151205Accounts receivable, net$993$1,753Allowance for doubtful accounts (millions)201920182017Balance at beginning of year$3$11$4Additions charged to expense355Doubtful accounts charged to reserve(1)(1)(5)Balance at end of year$5$15$4(in millions)20192018Net sales$17,000$16,400Accounts receivable, net9931,753Total assets19,50018,995 What is the percent of the allowance for uncollectible accounts to total trade receivables in 2019 and 2018? (Round the percentage to the nearest one thousandth percent, X.XXX%.) The percent of the allowance to trade receivables is % in 2019 and % in 2018. What were Corney's write-offs of accounts receivable in2019 and 2018? (Enter amounts in millions as provided to you in the problem statement, X.X.) Corney's write-offs of accounts receivable were million in 2019 and million in 2018.

Under accrual basis of accounting the allowance for doubtful accounts method is used to estimate the…

Answered: Using Corney Company's accounts…

Intermediate Accounting: Reporting And Analysis

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Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

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Chapter9: Current Liabilities And Contingent Obligations

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Using Corney Company's accounts receivable disclosures and the following information, answer the questions below.

NOTE 1: Accounting Policies

Accounts Receivable

Accounts receivable consists principally of trade receivables, which are recorded at the invoiced amount, net of allowances for doubtful accounts and prompt payment discounts. Trade receivables do not bear interest. The allowance for doubtful accounts represents management's estimate of the amount of probable credit losses in existing accounts receivable, as determined from a review of past due balances and other specific account data. Account balances are written off against the allowance when management determines the receivable is uncollectible. For the years ended 2019 and 2018, the Company did not have off-balance sheet credit exposure related to its customers.

NOTE 18
SUPPLEMENTAL FINANCIAL STATEMENT DATA
Consolidated Balance Sheet (millions)	2019	2018
Trade receivables	$800	$1,500
Allowance for doubtful accounts	(5)	(15)
Refundable income taxes	47	63
Other receivables	151	205
Accounts receivable, net	$993	$1,753

Allowance for doubtful accounts (millions)	2019	2018	2017
Balance at beginning of year	$3	$11	$4
Additions charged to expense	3	5	5
Doubtful accounts charged to reserve	(1)	(1)	(5)
Balance at end of year	$5	$15	$4

(in millions)	2019	2018
Net sales	$17,000	$16,400
Accounts receivable, net	993	1,753
Total assets	19,500	18,995

What is the percent of the allowance for uncollectible accounts to total trade receivables in 2019 and 2018? (Round the percentage to the nearest one thousandth percent, X.XXX%.)

The percent of the allowance to trade receivables is

% in 2019 and

% in 2018.

What were Corney's write-offs of accounts receivable in

2019 and 2018? (Enter amounts in millions as provided to you in the problem statement, X.X.)

Corney's write-offs of accounts receivable were

million in 2019 and

million in 2018.

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Using Corney ​Company's accounts receivable disclosures and the following​ information, answer the questions below.

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