Estimating Doubtful Accounts
Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging
of the company’s accounts receivable on December 31, and a
historical analysis of the percentage of uncollectible accounts in
each age category are as follows:
Age Class | Balance | Percent Uncollectible | ||
Not past due | $832,000 | 3/4 | % | |
1–30 days past due | 91,500 | 3 | ||
31-60 days past due | 41,600 | 7 | ||
61–90 days past due | 30,000 | 18 | ||
91–180 days past due | 21,600 | 38 | ||
Over 180 days past due | 15,800 | 75 | ||
$1,032,500 |
Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31.
Age Class |
Balance |
Percent Uncollectible |
Estimated Uncollectible Accounts Amount |
||
Not past due | $832,000 | 3/4% | $ | ||
1-30 days past due | 91,500 | 3 | |||
31-60 days past due | 41,600 | 7 | |||
61-90 days past due | 30,000 | 18 | |||
91-180 days past due | 21,600 | 38 | |||
Over 180 days past due | 15,800 | 75 | |||
Total | $1,032,500 | $ |
Estimating Doubtful Accounts Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the...
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