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Maxo Industries, a distributor of electrical supplies, had outstanding accounts receivable on December 31, 2017, of...
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 percentage uncollectible. Accounts Estimated Age Group Receivable Loss % 0-30 days past due $ 80,000 1% 31-60 days past due 20,000 61-120 days past due 14,000 5 121-180 days past due 6,000 10 Over 180 days past due 4,000 25 Total accounts receivable $124,000 2 The balance of the allowance for uncollectible accounts is...
Hovak Company has credit sales of $4,500,000 for year 2017. At December 31, 2017, the company's...
Hovak Company has credit sales of $4,500,000 for year 2017. At December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted debit balance of $3,400. Hovak prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. Expected Percent Uncollectible December Age of 31, 2017, Accounts Receivable Accounts Receivable $396,400 Not yet...
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 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...
Jarden Company has credit sales of $2,300,000 for year 2017. On December 31, 2017, the company’s...
Jarden Company has credit sales of $2,300,000 for year 2017. On December 31, 2017, the company’s Allowance for Doubtful Accounts has an unadjusted credit balance of $18,370. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2017 Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible $ 460,000 Not...
Coronado Industries has accounts receivable of $89,200 at March 31, 2017. At March 31, 2017, there...
Coronado Industries has accounts receivable of $89,200 at March 31, 2017. At March 31, 2017, there is a $2,151 balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company’s estimates of bad debts are as shown below. Balance, March 31 Estimated Percentage Uncollectible Age of Accounts 2017 2016 Current $60,400 $80,160 2 % 1–30 days past due 12,000 8,610 5 31–90 days past due 10,200 2,400 31 Over 90...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2016, the credit balance in Allowance for Bad Debts was $110,000. During 2017, credit sales totaled $10,000,000, $80,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $14,000. An aging of accounts receivable at December 31, 2017, showed the following: Accounts Receivable Balance As of Percentage Estimated Classification of Receivable...
S8-7 (similar to) The Accounts Receivable balance for North, Inc. at December 31, 2017, was $...
S8-7 (similar to) The Accounts Receivable balance for North, Inc. at December 31, 2017, was $ 30,000. During 2018, North earned revenue of $ 459,000 on account and collected $ 327,000 on account. North wrote off $ 6,300 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 4% of accounts receivable. Requirements: 1. Assume North had an unadjusted $ 2,800 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize North's December 31, 2018, adjustment...
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...
2. Broadway Limited had an $800 credit balance in Allowance for Doubtful Accounts at December 31,...
2. Broadway Limited had an $800 credit balance in Allowance for Doubtful Accounts at December 31, 2018, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following (10 marks): Estimated Percentage Uncollectible Current Accounts........................................... $150,000 1% 1-30 days past due.............................................. 15,000 3% 31-60 days past due.............................................. 8,000 6% 61-90 days past due.............................................. 5,000 12% Over 90 days past due.................................... 6,000 30% Total Accounts...
The Accounts Receivable balance for Lakeside Company at December 31, 2017, was $22,000. During 2018, Lakeside...
The Accounts Receivable balance for Lakeside Company at December 31, 2017, was $22,000. During 2018, Lakeside earned revenue of $460,000 on account and collected $321,000 on account. Lakeside wrote off $6,100 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 4% of accounts receivable. Read the requirements Requirement 1. Assume Lakeside had an unadjusted $2.300 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lakeside's December 31, 2018, adjustment to record bad debts expense...
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 percentage uncollectible. Accounts Estimated Age Group Receivable Loss % 0-30 days past due $ 80,000 1% 31-60 days past due 20,000 61-120 days past due 14,000 5 121-180 days past due 6,000 10 Over 180 days past due 4,000 25 Total accounts receivable $124,000 2 The balance of the allowance for uncollectible accounts is...
Hovak Company has credit sales of $4,500,000 for year 2017. At December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted debit balance of $3,400. Hovak prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. Expected Percent Uncollectible December Age of 31, 2017, Accounts Receivable Accounts Receivable $396,400 Not yet...
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...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2016, the credit balance in Allowance for Bad Debts was $110,000. During 2017, credit sales totaled $10,000,000, $80,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $14,000. An aging of accounts receivable at December 31, 2017, showed the following: Accounts Receivable Balance As of Percentage Estimated Classification of Receivable...
The Accounts Receivable balance for Lakeside Company at December 31, 2017, was $22,000. During 2018, Lakeside earned revenue of $460,000 on account and collected $321,000 on account. Lakeside wrote off $6,100 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 4% of accounts receivable. Read the requirements Requirement 1. Assume Lakeside had an unadjusted $2.300 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lakeside's December 31, 2018, adjustment to record bad debts expense...
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