Homework Answers
a)Bad debt expense :Total estimated bad debt - un-adjusted balance in allowance for doubtful account
= 42400 - 8000
= $ 34400
| Accounts receivable | 262000 |
| less:Allowance for doubtful account | (42400) |
| Net realizable value for accounts receivable | 219600 |
b)
| Accounts receivable (262000-600) | 261400 |
| less:Allowance for doubtful account (42400-600) | (41800) |
| Net realizable value for accounts receivable | 219600 |
The journal entry to write off uncollectible amount is Debit allowance for doubtful account and credit accounts receivable .Thus overall there is no effect on net realizable value.
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P6-7 Presented below is an aging schedule for Bryan Company. Customer Total $262,000 Not Yet Number...
Not Yet Number of Days Past Due Customer Total Due 1-30 31-60 61-90 Over 90 24,000...
Not Yet Number of Days Past Due Customer Total Due 1-30 31-60 61-90 Over 90 24,000 30,000 $ 30,000 50,000 5,000 5,000 38,000 120,000 72,000 35,000 13,000 9,000 $15,000 Aneesh Bird Cope DeSpears Others $40,000 $38,000 $262,000 $107,000 $49,000 $28.000 $40,000 $38,000 Estimated percentage uncollectible 396 | 796 | 12% | 24% | 60% Total estimated bod e 42.4005 3210 3430 5 3360 5 9.600 42,400 3,210 3,430 3,360 9,600 $22,800 At December 31, 2016, the unadjusted balance in Allowance...
Problem 8-3A Presented below is an aging schedule for Ivanhoe Company. Not Yet Due Number of...
Problem 8-3A Presented below is an aging schedule for Ivanhoe Company. Not Yet Due Number of Days Past Due Over 1-30 31-60 61-90 90 $8,700 $15,000 Customer Aneesh Bird Cope DeSpears Others Total $ 23,700 27,900 53,500 38,500 126,300 $269,900 $ 27,900 4,900 4,900 $43,700 US $38,500 77,500 $110,300 36,600 $50,200 12,200 $27,200 $43,700 $38,500 3% 8% 12% Estimated percentage uncollectible Total estimated bad debts 24% $10,488 61% $23,485 $ 44,562 $3,309 $4,016 $3,264 At December 31, 2016, the unadjusted...
Presented below is an aging schedule for Oriole Company at December 31, 2021. Number of Days...
Presented below is an aging schedule for Oriole Company at December 31, 2021. Number of Days Past Due Not Yet Due Total Customer Over 90 61-90 1-30 31-60 $ 9,600 $15,700 Aneesh $ 25,300 Bird 28,400 50,800 $ 28,400 5,500 Cope 5,200 $40,100 DeSpears 38,000 $38,000 Others 119,500 75,200 31,800 12,500 $262,000 $109,100 $46,600 $28,200 $40,100 $38,000 Estimated percentage uncollectible 3% 7% 13% 23% 59% Total estimated bad debts $ 41,844 $3,273 $3,262 $3,666 $9,223 $22,420 At December 31, 2021,...
Problem 8-03A a-c (Video) Presented below is an aging schedule for Halleran Company. Not Yet Due...
Problem 8-03A a-c (Video) Presented below is an aging schedule for Halleran Company. Not Yet Due Customer Anders Number of Days Past Due Over 1-30 31-60 61-90 90 $10,000 $12,000 Blake Total $ 22,000 40,000 57,000 34,000 132,000 $285,000 $40,000 16,000 6,000 Coulson Deleon Others $35,000 96,000 $152,000 16,000 $32,000 14,000 $26,000 $34,000 6,000 $40,000 $35,000 3% 6% 13% 25% 50% Estimated Percentage Uncollectible Total Estimated Bad Debts $ 38,610 $ 4,560 $ 1,920 $3,380 $8,750 $20,000 At December 31,...
Problem 8-3A Presented below is an aging schedule for Sage Hill Inc.. Customer Total Not Yet Due Nu...
Problem 8-3A
Presented below is an aging schedule for Sage Hill Inc..
Customer
Total
Not Yet
Due
Number of Days Past Due
1–30
31–60
61–90
Over 90
Aneesh
$ 25,300
$ 9,900
$15,400
Bird
30,300
$ 30,300
Cope
48,600
4,600
4,800
$39,200
DeSpears
40,300
$40,300
Others
125,800
75,000
36,600
14,200
$270,300
$109,900
$51,300
$29,600
$39,200
$40,300
Estimated percentage uncollectible
3%
7%
13%
22%
64%
Total estimated bad debts
$ 45,152
$ 3,297
$3,591
$3,848
$ 8,624
$25,792
At December...
Problem: Complete the aging schedule for Emporia Company: Number of Days Past Due Not Yet Total...
Problem: Complete the aging schedule for Emporia Company: Number of Days Past Due Not Yet Total Customer Due 61-90 Over 90 1-30 31-60 11,000 $ 20,000 30,000 50,000 38,000 126,000 9,000 Anders Baletto 30,000 15,000 5,000 30,000 Chong DeLong Others 38,000 6,000 92,000 15,000 13,000 $44.000 $264.000 $137.000 $29.000 $24.000 $30.000 Estimated Percentage Uncollectible Total Estimated Bad Debts 24% 50% 10% 5% 2% At December 31, 2019, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,000;...
Clase Presented below is an aging schedule for Ivanhoe Company at December 31, 2021 Number of...
Clase Presented below is an aging schedule for Ivanhoe Company at December 31, 2021 Number of Days Past Due Not Yet Over Total Customer Due 1-30 31-60 61-90 90 $8,700 $15,000 $23,700 Aneesh Bird 27,900 $27.900 $43,700 Cope 53,500 4,900 4,900 DeSpears $38,500 38,500 Others 126,300 77,500 36,600 12,200 $269,900 $110,300 $50,200 $27,200 $43,700 $38,500 Estimated percentage 3% 8% 12% 24% 61% uncollectible $44,562 $3,309 $4,016 $3,264 $10,488 $23,485 Total estimated bad debts At December 31, 2021, the unadjusted balance...
Presented below is an aging schedule for Bridgeport Corp. at December 31, 2021. Number of Days Past Due Not Yet...
Presented below is an aging schedule for Bridgeport Corp. at December 31, 2021. Number of Days Past Due Not Yet Due Total Customer 1-30 31-60 Over 90 61-90 Aneesh $ 23,700 $ 8,100 $15,600 Bird Cope De Spears 32,600 $ 32,600 48,900 4,700 4,600 $39,600 37,200 $37,200 120,900 75,400 33,100 $263,300 $112,700 $45,800 $28,000 $39,600 $37,200 Others Estimated percentage uncollectible 3% 7% 13% 26% 62% Total estimated bad debts $43,587 $ 3,381 $3,206 $3,640 $ 10,296 $23,064 At December 31,...
Presented below is an aging schedule for Carla Vista Co. at December 31, 2021. Number of...
Presented below is an aging schedule for Carla Vista Co. at December 31, 2021. Number of Days Past Due Total Not Yet Customer Total Due 1 -30 Over 90 31-60 61-90 Aneesh $ 9,000 $15,400 $ 24,400 29,400 $ 29,400 Bird Cope 50,100 5,400 4,700 $40,000 DeSpears Others 39,600 $39,600 122,400 71,700 38,000 12,700 $265,900 $106,500 $51,700 $28,100 $40,000 $39,600 Estimated percentage uncollectible 3% 7% 13% 23% 54% Total estimated bad debts $ 41,051 $3,195 $3,619 $3,653 $ 9,200 $21,384...
Presented below is an aging schedule for Ivanhoe Company at December 31, 2021. Number of Days...
Presented below is an aging schedule for Ivanhoe Company at December 31, 2021. Number of Days Past Due Not Yet Due Total Customer 1-30 31-60 Over 90 61-90 Aneesh $8,700 $15,000 Bird $ 23.700 27,900 53,500 $ 27,900 4.900 Cope 4.900 $43.700 DeSpears Others 38.500 $38,500 126,300 77,500 36,600 12,200 $269,900 $110,300 $50,200 $27,200 $43,700 $38,500 Estimated percentage uncollectible 3% 8% 12% 24% 61% Total estimated bad debts $44,562 $3,309 $4,016 $3,264 $10,488 $23,485 At December 31, 2021, the unadjusted...
Not Yet Number of Days Past Due Customer Total Due 1-30 31-60 61-90 Over 90 24,000 30,000 $ 30,000 50,000 5,000 5,000 38,000 120,000 72,000 35,000 13,000 9,000 $15,000 Aneesh Bird Cope DeSpears Others $40,000 $38,000 $262,000 $107,000 $49,000 $28.000 $40,000 $38,000 Estimated percentage uncollectible 396 | 796 | 12% | 24% | 60% Total estimated bod e 42.4005 3210 3430 5 3360 5 9.600 42,400 3,210 3,430 3,360 9,600 $22,800 At December 31, 2016, the unadjusted balance in Allowance...
Problem 8-3A Presented below is an aging schedule for Ivanhoe Company. Not Yet Due Number of Days Past Due Over 1-30 31-60 61-90 90 $8,700 $15,000 Customer Aneesh Bird Cope DeSpears Others Total $ 23,700 27,900 53,500 38,500 126,300 $269,900 $ 27,900 4,900 4,900 $43,700 US $38,500 77,500 $110,300 36,600 $50,200 12,200 $27,200 $43,700 $38,500 3% 8% 12% Estimated percentage uncollectible Total estimated bad debts 24% $10,488 61% $23,485 $ 44,562 $3,309 $4,016 $3,264 At December 31, 2016, the unadjusted...
Presented below is an aging schedule for Oriole Company at December 31, 2021. Number of Days Past Due Not Yet Due Total Customer Over 90 61-90 1-30 31-60 $ 9,600 $15,700 Aneesh $ 25,300 Bird 28,400 50,800 $ 28,400 5,500 Cope 5,200 $40,100 DeSpears 38,000 $38,000 Others 119,500 75,200 31,800 12,500 $262,000 $109,100 $46,600 $28,200 $40,100 $38,000 Estimated percentage uncollectible 3% 7% 13% 23% 59% Total estimated bad debts $ 41,844 $3,273 $3,262 $3,666 $9,223 $22,420 At December 31, 2021,...
Problem 8-03A a-c (Video) Presented below is an aging schedule for Halleran Company. Not Yet Due Customer Anders Number of Days Past Due Over 1-30 31-60 61-90 90 $10,000 $12,000 Blake Total $ 22,000 40,000 57,000 34,000 132,000 $285,000 $40,000 16,000 6,000 Coulson Deleon Others $35,000 96,000 $152,000 16,000 $32,000 14,000 $26,000 $34,000 6,000 $40,000 $35,000 3% 6% 13% 25% 50% Estimated Percentage Uncollectible Total Estimated Bad Debts $ 38,610 $ 4,560 $ 1,920 $3,380 $8,750 $20,000 At December 31,...
Problem 8-3A
Presented below is an aging schedule for Sage Hill Inc..
Customer
Total
Not Yet
Due
Number of Days Past Due
1–30
31–60
61–90
Over 90
Aneesh
$ 25,300
$ 9,900
$15,400
Bird
30,300
$ 30,300
Cope
48,600
4,600
4,800
$39,200
DeSpears
40,300
$40,300
Others
125,800
75,000
36,600
14,200
$270,300
$109,900
$51,300
$29,600
$39,200
$40,300
Estimated percentage uncollectible
3%
7%
13%
22%
64%
Total estimated bad debts
$ 45,152
$ 3,297
$3,591
$3,848
$ 8,624
$25,792
At December...
Problem: Complete the aging schedule for Emporia Company: Number of Days Past Due Not Yet Total Customer Due 61-90 Over 90 1-30 31-60 11,000 $ 20,000 30,000 50,000 38,000 126,000 9,000 Anders Baletto 30,000 15,000 5,000 30,000 Chong DeLong Others 38,000 6,000 92,000 15,000 13,000 $44.000 $264.000 $137.000 $29.000 $24.000 $30.000 Estimated Percentage Uncollectible Total Estimated Bad Debts 24% 50% 10% 5% 2% At December 31, 2019, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,000;...
Clase Presented below is an aging schedule for Ivanhoe Company at December 31, 2021 Number of Days Past Due Not Yet Over Total Customer Due 1-30 31-60 61-90 90 $8,700 $15,000 $23,700 Aneesh Bird 27,900 $27.900 $43,700 Cope 53,500 4,900 4,900 DeSpears $38,500 38,500 Others 126,300 77,500 36,600 12,200 $269,900 $110,300 $50,200 $27,200 $43,700 $38,500 Estimated percentage 3% 8% 12% 24% 61% uncollectible $44,562 $3,309 $4,016 $3,264 $10,488 $23,485 Total estimated bad debts At December 31, 2021, the unadjusted balance...
Presented below is an aging schedule for Bridgeport Corp. at December 31, 2021. Number of Days Past Due Not Yet Due Total Customer 1-30 31-60 Over 90 61-90 Aneesh $ 23,700 $ 8,100 $15,600 Bird Cope De Spears 32,600 $ 32,600 48,900 4,700 4,600 $39,600 37,200 $37,200 120,900 75,400 33,100 $263,300 $112,700 $45,800 $28,000 $39,600 $37,200 Others Estimated percentage uncollectible 3% 7% 13% 26% 62% Total estimated bad debts $43,587 $ 3,381 $3,206 $3,640 $ 10,296 $23,064 At December 31,...
Presented below is an aging schedule for Carla Vista Co. at December 31, 2021. Number of Days Past Due Total Not Yet Customer Total Due 1 -30 Over 90 31-60 61-90 Aneesh $ 9,000 $15,400 $ 24,400 29,400 $ 29,400 Bird Cope 50,100 5,400 4,700 $40,000 DeSpears Others 39,600 $39,600 122,400 71,700 38,000 12,700 $265,900 $106,500 $51,700 $28,100 $40,000 $39,600 Estimated percentage uncollectible 3% 7% 13% 23% 54% Total estimated bad debts $ 41,051 $3,195 $3,619 $3,653 $ 9,200 $21,384...
Presented below is an aging schedule for Ivanhoe Company at December 31, 2021. Number of Days Past Due Not Yet Due Total Customer 1-30 31-60 Over 90 61-90 Aneesh $8,700 $15,000 Bird $ 23.700 27,900 53,500 $ 27,900 4.900 Cope 4.900 $43.700 DeSpears Others 38.500 $38,500 126,300 77,500 36,600 12,200 $269,900 $110,300 $50,200 $27,200 $43,700 $38,500 Estimated percentage uncollectible 3% 8% 12% 24% 61% Total estimated bad debts $44,562 $3,309 $4,016 $3,264 $10,488 $23,485 At December 31, 2021, the unadjusted...
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