Boswell, Inc. is a temporary help service company. All of the company's services are sold on credit (most customers pay in approximately 60 days). Due to the economy and a lenient credit policy, Boswell's bad debt (i.e., accounts that are never collected) is relatively large and highly variable from year to year. Boswell had annual gross sales, gross accounts receivable and actual bad debt amounts as follows for the years ending December 31, 1999 through 2003:
|
Year
|
Gross Sales
|
Gross Accounts Receivable
|
Actual Bad Debt
|
|
1999
|
$1,000,000
|
$167,000
|
$ 50,000
|
|
2000
|
$2,000,000
|
$333,000
|
$150,000
|
|
2001
|
$3,000,000
|
$500,000
|
$225,000
|
|
2002
|
$4,000,000
|
$667,000
|
$ 75,000
|
|
2003
|
$5,000,000
|
$833,000
|
$250,000
|
Assume that for financial statement reporting purposes, Boswell estimates an allowance for doubtful accounts of 5 percent of annual sales. Accordingly, what did Boswell report as Net sales and Net accounts receivable on its 1999 through 2003 income statements and balance sheets?