Homework Answers
| Computation of tal Estimated uncollectible | |||
| Delinquency | Balance | % Estimate Uncollectible | Estimated Uncollectible |
| Not yet Due | $100,000 | 1% | $1,000 |
| .1-30 Days | $25,000 | 2% | $500 |
| 31-60 Days | $12,000 | 5% | $600 |
| 61-90 Days | $5,000 | 25% | $1,250 |
| Over 91 days | $1,000 | 50% | $500 |
| Total Estimated Uncollectible | $3,850 | ||
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FREE RESPONSES (375 Points Each) m's Record Shop: 1. Consider the following Schedu the following Schedule...
The company history reveals the following percentages of each total class will ultimately become uncollectible: Not...
The company history reveals the following percentages of each total class will ultimately become uncollectible: Not Yet Due 1 - 30 days late 31 - 60 days late 61 - 90 days late 91 or more days late 1% 2% 5% 25% 50% Use the information to calculate what the ending balance in Allowance for Doubtful Accounts should be at the end of the year. Show all work: 1. Consider the following Schedule of Accounts Receivable by onowing Schedule of...
cash: 732,000 A/R: 1,220,000 Inventory: 1,708,000 Supplies: 476,000 over 90: 12,000 61-90: 38,000 31-60: 86,000 1-30:...
cash: 732,000
A/R: 1,220,000
Inventory: 1,708,000
Supplies: 476,000
over 90: 12,000
61-90: 38,000
31-60: 86,000
1-30: 254,000
not yet: 830,000
cash sales: 2,250,000
Credit sales: 7,150,000
Makeup of Current Assets Cash Accounts Receivable Supplies Value ($) 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 mie $0 $200,000 $800,000 $400,000 Accounts Receivable ($) $200,000 $600,000 $800,000 $400,000 Accounts Receivable ($) Percent Uncollectible by Age Makeup...
Estimating Doubtful Accounts Sun Valley Rider International is a wholesaler of motorcycle supplies. An aging of...
Estimating Doubtful Accounts Sun Valley Rider International is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31, 20Y3, and a historical analysis of the percentage of uncollectible accounts in each age category are as follows: Percent Age Interval Balance Uncollectible Not past due $426,000 2 % 1-30 days past due 158,800 5 31-60 days past due 65,000 20 61-90 days past due 36,100 30 91-180 days past due 36,100 45 More than 180 days...
Chapter 7 Problems i Saved Required information [The following information applies to the questions displayed below.)...
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...
The manager asks you to assist her with the data analytics on bad debts expense at...
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%...
The manager asks you to assist her with the data analytics on bad debts expense at...
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...
Norma J. Baker Corp. uses the balance sheet approach to estimate uncollectible accounts expenses. At year-end,...
Norma J. Baker Corp. uses the balance sheet approach to estimate uncollectible accounts expenses. At year-end, an aging of her accounts receivable produced the following five groupings: a) Not yet due $250,000 $105,000 $40,000 On the basis of past experience, the company estimated the percentages probably uncollectible for the 5 age groups as follows: Group A, 1%; Group B, 3%; Group C, 10%; Group D, 20%; Group E, 50% The Allowance for Doubtful Accounts before adjustment at December 31 showed...
Required information [The following information applies to the questions displayed below.] Jarden Company has credit sales...
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...
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...
Estimating Doubtful Accounts Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the...
Estimating Doubtful Accounts Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company’s accounts receivable on December 31, and a historical analysis of the percentage of uncollectible accounts in each age category are as follows: Age Class Balance Percent Uncollectible Not past due $832,000 3/4 % 1–30 days past due 91,500 3 31-60 days past due 41,600 7 61–90 days past due 30,000 18 91–180 days past due 21,600 38 Over 180 days past due 15,800...
The company history reveals the following percentages of each total class will ultimately become uncollectible: Not Yet Due 1 - 30 days late 31 - 60 days late 61 - 90 days late 91 or more days late 1% 2% 5% 25% 50% Use the information to calculate what the ending balance in Allowance for Doubtful Accounts should be at the end of the year. Show all work: 1. Consider the following Schedule of Accounts Receivable by onowing Schedule of...
cash: 732,000
A/R: 1,220,000
Inventory: 1,708,000
Supplies: 476,000
over 90: 12,000
61-90: 38,000
31-60: 86,000
1-30: 254,000
not yet: 830,000
cash sales: 2,250,000
Credit sales: 7,150,000
Makeup of Current Assets Cash Accounts Receivable Supplies Value ($) 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 mie $0 $200,000 $800,000 $400,000 Accounts Receivable ($) $200,000 $600,000 $800,000 $400,000 Accounts Receivable ($) Percent Uncollectible by Age Makeup...
Estimating Doubtful Accounts Sun Valley Rider International is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31, 20Y3, and a historical analysis of the percentage of uncollectible accounts in each age category are as follows: Percent Age Interval Balance Uncollectible Not past due $426,000 2 % 1-30 days past due 158,800 5 31-60 days past due 65,000 20 61-90 days past due 36,100 30 91-180 days past due 36,100 45 More than 180 days...
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...
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%...
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...
Norma J. Baker Corp. uses the balance sheet approach to estimate uncollectible accounts expenses. At year-end, an aging of her accounts receivable produced the following five groupings: a) Not yet due $250,000 $105,000 $40,000 On the basis of past experience, the company estimated the percentages probably uncollectible for the 5 age groups as follows: Group A, 1%; Group B, 3%; Group C, 10%; Group D, 20%; Group E, 50% The Allowance for Doubtful Accounts before adjustment at December 31 showed...
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...
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