Homework Answers
1. Allowance of Doubtful debt as per percent of sales method
Credit sales = $7,150,000
Uncollectible for credit sales = 1% of 7,150,000 = $715,000
Balance of allowance of Doubtful debt as per percent of sales method = $715,000
2. Allowance of Doubtful debt as per percent of recievable method
Account receivables = @1,220,000
Uncollectible for account receivables = 5% of $1,220,000 = $61,000
Balance of allowance of Doubtful debt as per percent of receivable method = $61,000
3.
| Account receivable | Percent Uncollectible | Amount | |
| Not yet due | 830,000 | 5% | 41,500 |
| 1 to 30 | 254,000 | 5% | 12,700 |
| 31 to 60 | 86,000 | 5% | 4,300 |
| 61 to 90 | 38,000 | 5% | 1,900 |
| Over 90 | 12,000 | 5% | 600 |
| Estimated balance for account receivables | 61,000 |
Add Answer to:
cash: 732,000
A/R: 1,220,000
Inventory: 1,708,000
Supplies: 476,000
over 90: 12,000
61-90: 38,000
31-60: 86,000
1-30:...
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Tableau DA 7-2: Percent of sales method, percent of recelvables method, and aging of receivables method...
Tableau DA 7-2: Percent of sales method, percent of recelvables method, and aging of receivables method LO P3 The manager asks you to assist her with the data analytics on bad debts expense at year-end. To do this, you access the following Tableau Dashboard for your company. $732000 Makeup of Current Assets $1220000 $1708000 $476000 Cash Accounts Receivable Inventory Supplies Value (5) Accounts Receivable by Age Over 90 days past due $12000 61.90 days past due $38000 31.60 days past...
The manager asks you to assist her with the data analytics on bad debts expense at...
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Jarden Company has credit sales of $2,300,000 for year 2017. On December 31, 2017, the company’s Allowance for Doubtful Accounts has an unadjusted credit balance of $18,370
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Required information [The following information applies to the questions displayed below.] Jarden Company has credit sales of $2,600,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,066. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2017 Accounts...
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Required information [The following information applies to the questions displayed below.] 1.48 Daley Company prepared the...
Required information [The following information applies to the questions displayed below.] 1.48 Daley Company prepared the following aging of receivables analysis at December 31. points Days Past Due Total $645,000 $411,000 Accounts receivable Percent uncollectible 1 to 30 $105,000 2% 31 to 60 $51,000 5% 61 to 90 $33,000 7% Over 90 $45,000 10% eBook 1% Hint Print a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare...
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The manager asks you to assist her with the data analytics on bad debts expense at year-end. To do this, you access the following Tableau Dashboard for your company. Makeup of Current Assets Cash Accounts Receivable Inventory Supplies Value ($) Accounts Receivable by Age Over 90 days past due 61.90 days past due 31-60 days past due 1-30 days past due Not yet due $200,000 $600,000 $800,000 $400,000 Accounts Receivable ($) Percent Uncollectible by Age Makeup of Total Sales 70%...
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The manager asks you to assist her with the data analytics on bad debts expense at year-end. To do this, you access the following Tableau Dashboard for your company. Makeup of Current Assets 1,220,000 1,708,000 732,000 476,000 Cash Accounts Receivable Inventory Supplies Value ($) Accounts Receivable by Age Over 90 days past due 12,000 61-90 days past due 38,000 31-60 days past due 86,000 1-30 days past due 254,000 1.30 days past due Not yet due Not yet due 830,000...
Required information [The following information applies to the questions displayed below.] Jarden Company has credit sales of $2,600,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,066. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2017 Accounts...
Required Information [The following information applies to the questions displayed below.) Jarden Company has credit sales of $2,900,000 for year 2018. On December 31, 2018, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $21,659. Jarden prepares a schedule of its December 31, 2018 accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2018 Accounts...
Customer Not Yet Due Total $ 23,900 Number of Days Past Due 1-30 31-60 61-90 Over 90 $ 8,100 $15,800 Aneesh Bird 28,200 $ 28,200 Cope 49,500 4,500 5,100 $39,900 De Spears 37,300 $37,300 Others 127,700 $266,600 76,000 38,100 13,600 $108,700 $51,300 $29.400 $39,900 3% 7% 12% 25% $3,261 $3,591 $3,528 $9,975 Estimated percentage uncollectible $37,300 63% $23,499 Total estimated bad debts $ 43,854 At December 31, 2016, the unadjusted balance in Allowance for Doubtful Accounts is a credit of...
Required information [The following information applies to the questions displayed below.] 1.48 Daley Company prepared the following aging of receivables analysis at December 31. points Days Past Due Total $645,000 $411,000 Accounts receivable Percent uncollectible 1 to 30 $105,000 2% 31 to 60 $51,000 5% 61 to 90 $33,000 7% Over 90 $45,000 10% eBook 1% Hint Print a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare...
Required information Problem 9-3A Aging accounts receivable and accounting for bad debts LO P2, P3 [The following information applies to the questions displayed below.] Jarden Company has credit sales of $2,200,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,666. Jarden prepares a schedule of its December 31, 2017 accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category...
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