Answer:
Number of Days Past Due |
Accounts Receivable Balance |
Percent Likely to be Uncollectible |
Allowance Balance |
Current | $350,000 | 0.5% | $1,750 |
0-30 | $125,000 | 1% | $1,250 |
30-60 | $25,000 | 2% | $375 |
60-90 | $15,000 | 2.5% | $375 |
Over 90 days | $10,000 | 5% | $500 |
Total | $525,000 | $4,250 |
Thus,
The balance in Allowance for Doubtful accounts as of December 31 is $4,250
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