Requirements
a.
Based on the financial informa
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what is Leggett & Platt,
Inc.’s gross amount of receivabl
es at the end of 2016 and 2015?
b.
Compute the common-size amount for gross
accounts receivable, for both years (to
common-size a balance sheet it
em, it is expressed as a pe
rcentage of total assets).
Interpret the year-over-year change in this ratio.
c.
Compute the allowance for doubtful account
s to gross accounts receivable, for both
years. Interpret the year-over-year change in this ratio.
d.
Based on the ratios you calculated, form an
opinion about the quality of the company’s
a.
accounts receivable.
e.
How can companies use accounts receivables
to shift income between financial
accounting periods? Explain why managers engage
in this sort of activity. Discuss how
companies would justify such income shif
ting choices to the external auditor.
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