Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31,...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollectible. Age Group Accounts Receivable Estimated Loss % 0-30 days past due $ 90,000 1% 31-60 days past due 20,000 2 61-120 days past due 11,000 5 121-180 6,000 10 Over 180 days past due 4,000 25 Total accounts receivable $ 131,000 The balance of the allowance for uncollectible...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible Accounts Estimated Age Group Receivable Loss % 0-30 days past due $80,000 31-60 days past due 20.000 61-120 days past due 14.000 121.180 days past due 6,000 Over 180 days past due 4,000 Total accounts receivable $124.000 The balance of the allowance for uncollectible accounts is $450 on...
6-22. Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible. Age Group 0-30 days past due 31-60 days past due 61-120 days past due. 121-180 days past due Over 180 days past due.. Total accounts receivable... Accounts Receivable $ 90,000 20,000 11,000 6,000 4,000 $131,000 Estimated Loss % 1% 2 5 10 25 The unused balance of...
My answers seem wrong, please check if I made sign erros Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible. Accounts Estimated Age Group Receivable Loss % 0-30 days past due $ 180,000 196 31-60 days past due 40,000 61-120 days past due 22,000 121-180 12,000 Over 180 days past due 8,000 Total accounts receivable $262,000 The...
Estimating Bad Debts Expense and Reporting of Receivables At December 31, 2019, Sunil Company had a balance of $375,000 in its accounts receivable and an unused balance of $4,200 in its allowance for uncollectible accounts. The company then aged its accounts as follows: Current $304,000 0-60 days past due 44,000 61-180 days past due 18,000 Over 180 days past due 9.000 Total accounts receivable $375,000 The company has experienced losses as follows: 1% of current balances, 5% of balances 0-60...
(1c) $27,000 2 Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 3. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 At December 31, Hovak Co.'s Allowance for Doubtful Accounts has an unadjusted debit balance of s past-due c. An aging analysis estimates that 6% of year-end accounts receivable are uncollectible. prg 4 balance sheet given the facts in part la halance sheet given the facts in...
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable At December 31, 2020, its annual year-end, the accounts of Sun Systems Inc. show the following. 1. Sales revenue for 2020, $288,000, of which one-sixth was on account. 2. Allowance for doubtful accounts, balance December 31, 2019, $1,440 credit. 3. Accounts receivable, balance December 31, 2020 (prior to any write-offs of uncollectible accounts during 2020), $28,880. 4. Uncollectible accounts to be written off, December 31, 2020, $1,680. 5....
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable At December 31, 2020, its annual year-end, the accounts of Sun Systems Inc. show the following. 1. Sales revenue for 2020, $720,000, of which one-sixth was on account. 2. Allowance for doubtful accounts, balance December 31, 2019, $3,600 credit. 3. Accounts receivable, balance December 31, 2020 (prior to any write-offs of uncollectible accounts during 2020), $72,200. 4. Uncollectible accounts to be written off, December 31, 2020, $4,200. 5....
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable At December 31, 2020, its annual year-end, the accounts of Sun Systems Inc. show the following. 1. Sales revenue for 2020, $324,000, of which one-sixth was on account. 2. Allowance for doubtful accounts, balance December 31, 2019, $1,620 credit. 3. Accounts receivable, balance December 31, 2020 (prior to any write-offs of uncollectible accounts during 2020), $32,490. 4. Uncollectible accounts to be written off, December 31, 2020, $1,890. 5....
The credit balance of Allowance for Uncollectible Accounts is $975 as of December 31, 2018 [that is prior to adjustments]. A. Compute bad debt expense recorded for 2018. B. What is the net amount of accounts receivable to be reported on C-Market’s December 31, 2018 balance sheet? ACCOUNTS RECEIVABLE C-Market reports the following analysis of potential losses in its accounts receivable for the vear 2018. Receivable Balance 0-30 days past dueS89,600 31-60 days past due 39,200 24,400 Estimated Loss (%)...