What are some factors considered in estimating the amount of uncollectible accounts receivable? (Min 150- 200...
What are some factors considered in estimating the amount of uncollectible accounts receivable? (Min 150- 200 words)
Homework Answers
Below are the some factors considered in estimating the amount of uncollectible accounts receivable-
- We need to Prepare a Accounts Receivable ageing, then we need to classify the days from the date of sale the payment is not done.If the days are more then the chances are more of it being uncollectible.
- If any debtors can become bankrupt, it can be considered uncollectible.
- Even political situation in the country also to be considered.
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What are some factors considered in estimating the amount of
uncollectible accounts receivable? (Min 150- 200...
What are some factors considered in estimating the amount of uncollectible accounts receivable?
What are some factors considered in estimating the amount of uncollectible accounts receivable?
6-22. Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December...
6-22. Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible. Age Group 0-30 days past due 31-60 days past due 61-120 days past due. 121-180 days past due Over 180 days past due.. Total accounts receivable... Accounts Receivable $ 90,000 20,000 11,000 6,000 4,000 $131,000 Estimated Loss % 1% 2 5 10 25 The unused balance of...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31,...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible Accounts Estimated Age Group Receivable Loss % 0-30 days past due $80,000 31-60 days past due 20.000 61-120 days past due 14.000 121.180 days past due 6,000 Over 180 days past due 4,000 Total accounts receivable $124.000 The balance of the allowance for uncollectible accounts is $450 on...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31,...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentage uncollectible. Accounts Estimated Age Group Receivable Loss % 0-30 days past due $ 80,000 1% 31-60 days past due 20,000 61-120 days past due 14,000 5 121-180 days past due 6,000 10 Over 180 days past due 4,000 25 Total accounts receivable $124,000 2 The balance of the allowance for uncollectible accounts is...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31,...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollectible. Age Group Accounts Receivable Estimated Loss % 0-30 days past due $ 90,000 1% 31-60 days past due 20,000 2 61-120 days past due 11,000 5 121-180 6,000 10 Over 180 days past due 4,000 25 Total accounts receivable $ 131,000 The balance of the allowance for uncollectible...
Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts. Accounts not yet due = $385,000; estimated uncollectible = 15%. Accounts 1–30 days past due = $48,200; estimated un
Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts.Accounts not yet due = $385,000; estimated uncollectible = 15%.Accounts 1–30 days past due = $48,200; estimated uncollectible = 18%.Accounts 31–90 days past due = $38,500; estimated uncollectible = 22%Accounts more than 90 days past due = $28,800; estimated uncollectible = 25%.At 12/31/2021, before recording any adjustments, Zuo has a credit balance of $25,300 in its allowance for uncollectible accounts.Required:1. Estimate the...
Oceanside Company uses the balance sheet approach in estimating uncollectible accounts expense. Its Allowance for Doubtful...
Oceanside Company uses the balance sheet approach in estimating uncollectible accounts expense. Its Allowance for Doubtful Accounts has a $1,400 credit balance prior to adjusting entries. It has just completed an aging analysis of accounts receivable at December 31, 2018. This analysis disclosed the following information: Age Group Total $56,000 $30,000 $15,000 Percentage Considered Uncollectible 1% 4% Not yet due 1-30 days past due 31-60 past due 6% What is the appropriate balance for Oceanside's Allowance for Doubtful Accounts at...
Question 14 (4 points) The percentage of receivables method of estimating uncollectible accounts is based on...
Question 14 (4 points) The percentage of receivables method of estimating uncollectible accounts is based on the relationship between the amount of accounts payable and the amount of uncollectible accounts. True False
The income statement approach to estimating uncollectible accounts expense is used by Kerley Company. On February...
The income statement approach to estimating uncollectible accounts expense is used by Kerley Company. On February 28, the firm had accounts receivable in the amount of $437,000 and Allowance for Doubtful Accounts had a credit balance of $2,140 before adjustment. Net credit sales for February amounted to $3,000,000. The credit manager estimated that uncollectible accounts expense would amount to 1% of net credit sales made during February. On March 10, an accounts receivable from Kathy Black for $6,100 was determined...
D.Q. 4.2. Discuss uncollectible accounts. What factors lead to accounts being uncollectible? What options do businesses...
D.Q. 4.2. Discuss uncollectible accounts. What factors lead to accounts being uncollectible? What options do businesses have when accounts become uncollectible?
6-22. Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible. Age Group 0-30 days past due 31-60 days past due 61-120 days past due. 121-180 days past due Over 180 days past due.. Total accounts receivable... Accounts Receivable $ 90,000 20,000 11,000 6,000 4,000 $131,000 Estimated Loss % 1% 2 5 10 25 The unused balance of...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible Accounts Estimated Age Group Receivable Loss % 0-30 days past due $80,000 31-60 days past due 20.000 61-120 days past due 14.000 121.180 days past due 6,000 Over 180 days past due 4,000 Total accounts receivable $124.000 The balance of the allowance for uncollectible accounts is $450 on...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentage uncollectible. Accounts Estimated Age Group Receivable Loss % 0-30 days past due $ 80,000 1% 31-60 days past due 20,000 61-120 days past due 14,000 5 121-180 days past due 6,000 10 Over 180 days past due 4,000 25 Total accounts receivable $124,000 2 The balance of the allowance for uncollectible accounts is...
Oceanside Company uses the balance sheet approach in estimating uncollectible accounts expense. Its Allowance for Doubtful Accounts has a $1,400 credit balance prior to adjusting entries. It has just completed an aging analysis of accounts receivable at December 31, 2018. This analysis disclosed the following information: Age Group Total $56,000 $30,000 $15,000 Percentage Considered Uncollectible 1% 4% Not yet due 1-30 days past due 31-60 past due 6% What is the appropriate balance for Oceanside's Allowance for Doubtful Accounts at...
Question 14 (4 points) The percentage of receivables method of estimating uncollectible accounts is based on the relationship between the amount of accounts payable and the amount of uncollectible accounts. True False
D.Q. 4.2. Discuss uncollectible accounts. What factors lead to accounts being uncollectible? What options do businesses have when accounts become uncollectible?
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