Days Account Outstanding | Amount | Estimated uncollectible | Estimated uncollectible amount |
Less than 16 days | 313200 | 0.02 | 6264 |
Between 16 and 30 days | 112600 | 0.10 | 11260 |
Between 31 and 45 days | 85600 | 0.14 | 11984 |
Between 46 and 60 days | 42400 | 0.19 | 8056 |
Between 61 and 75 days | 18100 | 0.45 | 8145 |
Total | 571900 | 45709 | |
Balance for Allowance for Doubtful Accounts | 45709 | ||
Balance Sheet (Partial) | |||
Accounts Receivable | 571900 | ||
Less: Allowance for Doubtful Accounts | 45709 | ||
Net Accounts Receivable | 526191 | ||
Dollar effect of the year-end bad debt adjustment | 16699 | decrease | =45709-(42510-13500) |
Headland Corporation operates in an industry that has a high rate of bad debts. Before any...
Splish Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Splish's Accounts Receivable account was $592,700 and Allowance for Doubtful Accounts had a credit balance of $40,680. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Days Account Outstanding Amount Probability of Collection Less than 16 days $314,400 0.96 Between 16 and 30...
Sarasota Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Sarasota's Accounts Receivable account was $601,200 and Allowance for Doubtful Accounts had a credit balance of $40,590. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Days Account Outstanding Amount Probability of Collection Less than 16 days $319,700 0.97 Between 16 and 30 days 116,700 0.90...
Skysong Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Skysong's Accounts Receivable account was $591,900 and Allowance for Doubtful Accounts had a credit balance of $44,990. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Days Account Outstanding Amount Probability of Collection Less than 16 days $314,500 0.98 Between 16 and 30 days 112,400 0.90...
Paisley Corporation operates in an industry that has a high rate of bad debt. The year-end balance reported in the balance sheet for the Allowance for Doubtful Accounts will be based on the aging schedule shown below: Expected Percentage Days Account Uncollectible Estimated Uncollectible Outstanding Amount 0–30 days $351,600 0.05 $17,580 31–60 days $122,400 0.1 $12,240 61–90 days $84,000 0.2 $16,800 91–120 days $66,000 0.3 $19,800 Over 120 days $9,600 0.4 $3,840 633,600 $70,260 Accounts receivable ............................................................................................. $633,600 Less: Allowance...
Problem 7-03 Bramble Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Bramble's Accounts Receivable account was $590,400 and Allowance for Doubtful Accounts had a credit balance of $40,320. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Probability Days Account Outstanding Less than 16 days Between 16 and 30 days Between 31 and 45 days...
Problem 7-3 (Part Level Submission) Pearl Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Pearl's Accounts Receivable account was $595,600 and Allowance for Doubtful Accounts had a credit balance of $40,350. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Days Account Outstanding Amount Probability of Collection Less than 16 days $314,500 0.97 Between 16...
O Mail - Erstberger, Cameron M X + wileyplus.com/edugen/lti/main.uni Return to Blackboard Kieso, Intermediate Accounting, 16e Help System Announcements ATOR PRINTER VERSION « BACK Question 16 Nash Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Nash's Accounts Receivable account was $597,800 and Allowance for Doubtful Accounts had a credit balance of $40,970. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based...
Answer the questions relating to each of the five independent situations as requested. P7.3 (LO 3) Excel (Bad-Debt Reporting-Aging) Manilow Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Manilow's Accounts Receivable account was $555,000 and Allowance for Doubtful Accounts had a credit balance of $40,000. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Probability...
Instructions Answer the questions relating to each of the five independent situations as requested. P7.3 (LO 3) Excel (Bad-Debt Reporting-Aging) Manilow Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Manilow's Accounts The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. a Probability of Collection Days Account Outstanding Less than 16 days Between 16 and 30...
A company uses the aging of accounts receivable method to estimate its bad debts expense. On December 31 of the current year an aging analysis of accounts receivable revealed the following 4. A company uses the aging of accounts receivable method to estimate its bad debts expense On December 31 of the current year an aging analysis of accounts receivable revealed the following Account Age Current (not yet due) 1-30 days past due 30 60 days past due 61-90 days...