Business, 20.03.2020 11:33 jacobdesalvo8155

Gemstone Products located in New York City, is one of the world's largest producers of beauty and related products. The company's consolidated balance sheets for the 2016 and 2015 fiscal years included the following ($ in thousands): 2016 2015 Current assets: Receivables, less allowances of $131,410 in 2016 and $87,010 in 2015 $ 459,300 $ 440,200 A disclosure note accompanying the financial statements reported the following ($ in thousands) Year Ended 2016 2015 (In thousands) Calculation of account receivables, net: Receivables $ 590,710 $ 527,210 Less: allowance for doubtful accounts (122,930 ) (77,630 ) Less: reserve for product returns (8,480 ) (9,380 ) Trade accounts receivable, net: $ 459,300 $ 440,200 Assume that the company reported bad debt expense in 2016 of $191,200 and had products returned for credit totaling $187,030 (sales price). Net sales for 2016 were $5,588,800 ($ in thousands). Required: 1. What is the amount of accounts receivable due from customers at the end of 2016 and 2015

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