Problem: Cirrus Logic Inc. is a leading designer and manufacturing of advanced integrated circuits that integrate algorithms and mixed=signal processing for mass storage, communications, consumer electronics and industrial markets. The company's 2009n financial statement contained the following information:
($ in thousand)
Balance Sheets 2009 2008
Current Assets
Account receivable $13,306 $22,652
Income Statement 2009 2008
Net Sales $174,642 $181,885
In addition, the statement of cash flows disclosed that accounts receivable decreased during 2009 by $9,346 (in thousand) this indicates that cash received from customers was $9,346 (in thousands) more than accrual sales revenue. Also a disclosure note reported that the allowance for uncollectible account (in thousands) was $451 and $404 at the end of 2009 and 2008.
1) What is the amount of accounts receivable due from customers at the end of 2009 and 2008?
2) Assuming that all sales are made on a credit basis determine amount of bad debt expense for 2009 and the amount of actual bad debt write offs made in 2009.