Homework Answers
Solution:
| Age | Amount | Estimated % Uncollectibles | Estimated amount Uncollectibles |
| less than 16 days | $3,18,900 | 0.03 | $9,567 |
| 16 to 30 days | $1,14,700 | 0.10 | $11,470 |
| 31 to 45 days | $86,600 | 0.14 | $12,124 |
| 45 to 60 days | $40,800 | 0.22 | $8,976 |
| 60 to 75 days | $20,400 | 0.42 | $8,568 |
| over 75 days | $16,400 | 1.00 | $16,400 |
| Balance of Allowance for Doubtful Accounts | $67,105 |
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Probability of Collection Amount 0.97 0.90 Days Account Outstanding Less than 16 days Between 16 and...
O Mail - Erstberger, Cameron M X + wileyplus.com/edugen/lti/main.uni Return to Blackboard Kieso, Intermediate Accounting, 16e...
O Mail - Erstberger, Cameron M X + wileyplus.com/edugen/lti/main.uni Return to Blackboard Kieso, Intermediate Accounting, 16e Help System Announcements ATOR PRINTER VERSION « BACK Question 16 Nash Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Nash's Accounts Receivable account was $597,800 and Allowance for Doubtful Accounts had a credit balance of $40,970. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based...
Days Account Outstanding Less than 16 days Between 16 and 30 days Between 31 and 45...
Days Account Outstanding Less than 16 days Between 16 and 30 days Between 31 and 45 days Between 46 and 60 days Between 61 and 75 days Over 75 days (to be written off) Amount $312,000 116,300 84,500 40,600 21,600 15,400 Probability of Collection 0.96 0.90 0.86 0.80 0.55 0.00 (a) Your answer is incorrect. Try again. What is the appropriate balance for Allowance for Doubtful Accounts at year-end? Balance for Allowance for Doubtful Accounts 69180 Click if you would...
Skysong Corporation operates in an industry that has a high rate of bad debts. Before any...
Skysong Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Skysong's Accounts Receivable account was $591,900 and Allowance for Doubtful Accounts had a credit balance of $44,990. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Days Account Outstanding Amount Probability of Collection Less than 16 days $314,500 0.98 Between 16 and 30 days 112,400 0.90...
Question 4 of 4 1/3 E View Policies Show Attempt History Current Attempt in Progress Wildhorse...
Question 4 of 4 1/3 E View Policies Show Attempt History Current Attempt in Progress Wildhorse Corporation operates in an Industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Wildhorse's Accounts Receivable account was $581,000 and Allowance for Doubtful Accounts had a credit balance of $40,670. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Days Account Outstanding Less than...
Problem 7-3 (Part Level Submission) Pearl Corporation operates in an industry that has a high rate...
Problem 7-3 (Part Level Submission) Pearl Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Pearl's Accounts Receivable account was $595,600 and Allowance for Doubtful Accounts had a credit balance of $40,350. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Days Account Outstanding Amount Probability of Collection Less than 16 days $314,500 0.97 Between 16...
Sarasota Corporation operates in an industry that has a high rate of bad debts. Before any...
Sarasota Corporation operates in an industry that has a high
rate of bad debts. Before any year-end adjustments, the balance in
Sarasota's Accounts Receivable account was $601,200 and Allowance
for Doubtful Accounts had a credit balance of $40,590. The year-end
balance reported in the balance sheet for Allowance for Doubtful
Accounts will be based on the aging schedule shown below.
Days Account Outstanding
Amount
Probability of
Collection
Less than 16 days
$319,700
0.97
Between 16 and 30 days
116,700
0.90...
Splish Corporation operates in an industry that has a high rate of bad debts. Before any...
Splish Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Splish's Accounts Receivable account was $592,700 and Allowance for Doubtful Accounts had a credit balance of $40,680. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Days Account Outstanding Amount Probability of Collection Less than 16 days $314,400 0.96 Between 16 and 30...
Headland Corporation operates in an industry that has a high rate of bad debts. Before any...
Headland Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Headland's Accounts Receivable account was $585,400 and Allowance for Doubtful Accounts had a credit balance of $42,510. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Probability of Days Account Outstanding Less than 16 days Between 16 and 30 days Between 31 and 45 days Between...
Problem 7-03 Bramble Corporation operates in an industry that has a high rate of bad debts....
Problem 7-03 Bramble Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Bramble's Accounts Receivable account was $590,400 and Allowance for Doubtful Accounts had a credit balance of $40,320. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Probability Days Account Outstanding Less than 16 days Between 16 and 30 days Between 31 and 45 days...
Question 1 of 4 > -/2 View Policies Current Attempt in Progress Flint Co. uses the...
Question 1 of 4 > -/2 View Policies Current Attempt in Progress Flint Co. uses the net method to account for cash discounts. On June 1, 2020. it made sales of $64.800 with terms 2/15, 1/45. On June 12, 2020. Flint received full payment for the June 1 sale. Prepare the required journal entries for Flint Co. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically...
O Mail - Erstberger, Cameron M X + wileyplus.com/edugen/lti/main.uni Return to Blackboard Kieso, Intermediate Accounting, 16e Help System Announcements ATOR PRINTER VERSION « BACK Question 16 Nash Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Nash's Accounts Receivable account was $597,800 and Allowance for Doubtful Accounts had a credit balance of $40,970. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based...
Days Account Outstanding Less than 16 days Between 16 and 30 days Between 31 and 45 days Between 46 and 60 days Between 61 and 75 days Over 75 days (to be written off) Amount $312,000 116,300 84,500 40,600 21,600 15,400 Probability of Collection 0.96 0.90 0.86 0.80 0.55 0.00 (a) Your answer is incorrect. Try again. What is the appropriate balance for Allowance for Doubtful Accounts at year-end? Balance for Allowance for Doubtful Accounts 69180 Click if you would...
Question 4 of 4 1/3 E View Policies Show Attempt History Current Attempt in Progress Wildhorse Corporation operates in an Industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Wildhorse's Accounts Receivable account was $581,000 and Allowance for Doubtful Accounts had a credit balance of $40,670. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Days Account Outstanding Less than...
Sarasota Corporation operates in an industry that has a high
rate of bad debts. Before any year-end adjustments, the balance in
Sarasota's Accounts Receivable account was $601,200 and Allowance
for Doubtful Accounts had a credit balance of $40,590. The year-end
balance reported in the balance sheet for Allowance for Doubtful
Accounts will be based on the aging schedule shown below.
Days Account Outstanding
Amount
Probability of
Collection
Less than 16 days
$319,700
0.97
Between 16 and 30 days
116,700
0.90...
Headland Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Headland's Accounts Receivable account was $585,400 and Allowance for Doubtful Accounts had a credit balance of $42,510. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Probability of Days Account Outstanding Less than 16 days Between 16 and 30 days Between 31 and 45 days Between...
Problem 7-03 Bramble Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Bramble's Accounts Receivable account was $590,400 and Allowance for Doubtful Accounts had a credit balance of $40,320. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Probability Days Account Outstanding Less than 16 days Between 16 and 30 days Between 31 and 45 days...
Question 1 of 4 > -/2 View Policies Current Attempt in Progress Flint Co. uses the net method to account for cash discounts. On June 1, 2020. it made sales of $64.800 with terms 2/15, 1/45. On June 12, 2020. Flint received full payment for the June 1 sale. Prepare the required journal entries for Flint Co. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically...
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