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Receivables and Net Sales
 12 Months Ended
Dec. 31, 2011
Receivables and Net Sales  
Receivables and Net Sales

(4)       Receivables and Net Sales

 

Receivables consist of the following:

 

 

 

December 31

 

 

 

2011

 

2010

 

Accounts receivable—trade

 

$

15,997,576

 

$

14,976,057

 

Less allowance for doubtful receivables

 

(378,859

)

(342,682

)

 

 

$

15,618,717

 

$

14,633,375

 

 

Receivables are written off against these reserves in the period they are determined to be uncollectible, and payments subsequently received on previously written-off receivables are recorded as a reversal of the bad debt provision.  The Company performs credit evaluations on its customers and obtains credit insurance on a large percentage of its accounts, but does not generally require collateral.  The Company recorded a provision for doubtful accounts of $55,209 and $8,466 for the years ended December 31, 2011, and 2010, respectively.

 

Sales to the top customer in the Company’s Component Products segment comprised 10.9% of that segment’s total sales and 7.2% of the Company’s total sales for the year ended December 31, 2011. Sales to the top customer in the Company’s Packaging segment comprised 6.9% of that segment’s total sales and 2.3% of the Company’s total sales for the year ended December 31, 2011.