Solution 1-3:
Computation of allowance for estimated uncollectibles - Web Wizard | |||||
Customer | Balance | 0-30 days | 31-60 days | 61-90 days | Over 90 days |
Total Receivables | $18,500.00 | $7,500.00 | $8,670.00 | $1,210.00 | $1,120.00 |
Percentage uncollectibles | 2% | 10% | 20% | 35% | |
Allowance for doubtful accounts | $1,651.00 | $150.00 | $867.00 | $242.00 | $392.00 |
Web Wizard Inc. (Partial Balance Sheet) | ||
At March 31 | ||
Assets | Amount | |
Current Assets: | ||
Accounts receivables - Gross | $18,500.00 | |
Allowance for doubtful accounts | $1,651.00 | |
Accounts receivables, net of allowance | $16,849.00 | |
Note Receivables | $2,800.00 | |
Interest receivables | $14.00 |
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The following formation applies to the questions displayed below. Web Wizard, Inc., has provided information technology...
The following formation applies to the questions displayed below. Web Wizard, Inc., has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter. a. During January, the company provided...
The following information applies to the questions displayed below.) Web Wizard, Inc., has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter a. During January, the company provided...
Required information (The following information applies to the questions displayed below.) Web Wizard, Inc., has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter a. During January, the...
Required information [The following information applies to the questions displayed below.] Web Wizard, Inc., has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter. During January, the company...
Required information (The following information applies to the questions displayed below.] Web Wizard, Inc., has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter. the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter. a. During January, the...
Web Wizard, Inc., has provided information technology services for several years. The company uses the percentage of credit sales method to estimate bad debts for internal monthly reporting purposes. At the end of each quarter, the company adjusts its records using the aging of accounts receivable method. The company entered into the following selected transactions during the first quarter of 2017: a. During January, the company provided services for $40,000 on credit. b. On January 31, the company estimated bad...
Web Wizard, Inc., has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accotnts receivable method. The company entered into the following partial list of transactions during the first quarter. a. During January, the company provided services for $34,000 on credit. b. On January 31,...
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Web Wizard, Inc., has provided Information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter. a. During January, the company provided services for...
Web Wizard, Inc. has provided information technology services for several years. The company uses the percentage of credit sales method to estimate bad debts for internal monthly reporting purposes. At the end of each quarter, the company adjusts its records using the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter. a. During January, the company provided services for $49,000 on credit. b. On January 31, the company estimated bad...
Web Wizard, Inc. has provided information technology services for several years. The company uses the percentage of credit sales method to estimate bad debts for internal monthly reporting purposes. At the end of each quarter, the company adjusts its records using the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter. a. During January, the company provided services for $44,000 on credit. b. On January 31, the company estimated bad...