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from $777.632 million to $1.112 billion. And the allowance for doubtful accounts increased from $29.149 million in 2002 to $34.173 million in 2003.
Office Depot's receivables jumped more than its allowance. If we divide the allowance into the receivables (see bottom of exhibit above), you see that the allowance (as a percentage of receivables) decreased from 3.8% to 3.1%. Perhaps this is reasonable, but the decrease helped to increase the booked revenues. Furthermore, we can perform the calculation reviewed above (in #2) to determine the cash received from customers:
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