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):
A disclosure note accompanying the financial statements reported the following ($ in thousands)
Assume that the company reported bad debt expense in 2009 of $1,500 and had products returned for credit totaling $3,155 (sales price). Net sales for 2009 were $6,149,800 (all numbers in thousands).
Required:
1. What is the amount of accounts receivable due from customers at the end of 2009 and 2008?
2. What amount of accounts receivable did Symantec write off during 2009?
3. What is the amount of Symantec's gross sales for the 2009 fiscal year?
4. 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?