Question

Chapter 7 Problems i Saved Required information [The following information applies to the questions displayed below.) Part 1 of 2 On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $16.000. Jarden prepares a schedule of its December 31 accounts receivable by age. 2.5 points Skipped Accounts Receivable $ 900,000 360,000 72,000 36,000 14,400 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Expected Percent Uncollectible 1.15% 1.90 6.40 32.25 67.00 eBook Print Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31. Estimated Uncollectible Accounts Percent Receivable Uncollectible (#.##%) Not due: 1 to 30: 31 to 60: 61 to 90: Over 90 Estimated balance of allowance for uncollectibles $

Answer 1

Ans. 1	Age group	Accounts receivables	Percent uncollectible	Amount uncollectible
	Not due	$900,000	1.15%	$10,350
	1 to 30	$360,000	1.90%	$6,840
	31 to 60	$72,000	6.40%	$4,608
	61 to 90	$36,000	32.25%	$11,610
	Over 90	$14,400	67.00%	$9,648
	Estimated balance of allowance for uncollectibles			$43,056
	*Amount uncollectible = Accounts receivable * Percentage uncollectibles