Cindrella uses aging to estimate uncollectibles. Accounts of $150,000 are less than 30 days old (96%...
Cindrella uses aging to estimate uncollectibles. Accounts of $150,000 are less than 30 days old (96% collectible), $80,000 are 30 to 60 days old (85% collectible), $35,000 are 61-120 days old (50% collectible), and the remaining $10,000 is 10% collectible.
Question 12 options:
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Homework Answers
Balance in allowance for doubtful accounts
= ($150,000 X 4%) + ($80,000 X 15%) + ($35,000 X 50%) + ($10,000 X
90%) = $44,500
The Allowance for Uncollectibles should have a balance of $44,500
Option C.
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Cindrella uses aging to estimate uncollectibles.
Accounts of $150,000 are less than 30 days old (96%...
Baltimore Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2018,...
Baltimore Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance that consists of: Dollar Value Age of Account Estimated Collectible $155,000 < 30 days old 99% 75,000 30 to 60 days old 93% 25,000 61 to 120 days old 70% 10,000 > 120 days old 19% The current unadjusted Allowance for Uncollectible Accounts balance is a debit balance of $2,000 and the Bad Debt Expense accounts has an unadjusted...
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Arundel Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance that consists of: Dollar Value Age of Account Estimated Collectible $215,000 < 30 days old 98.0% 60,000 30 to 60 days old 92.0% 25,000 61 to 120 days old 78.5% 13,000 >120 days old 12.0% The current unadjusted Allowance for Uncollectible Accounts balance is a debit balance of $2,000 and the Bad...
Baltimore Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2018,...
Baltimore Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance that consists of: Dollar Value Age of Account Estimated Collectible $180,000 < 30 days old 99% 60,000 30 to 60 days old 90% 20,000 61 to 120 days old 70% 8,000 > 120 days old 12% The current unadjusted Allowance for Uncollectible Accounts balance is a debit balance of $2,000 and the Bad Debt Expense accounts has an unadjusted...
Baltimore Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2018, Ac...
Baltimore Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance that consists of: Dollar Value Age of Account Estimated Collectible $180,000 < 30 days old 99% 65,000 30 to 60 days old 94% 30,000 61 to 120 days old 78% 13,000 > 120 days old 17% The current unadjusted Allowance for Uncollectible Accounts balance is a debit balance of $2,000 and the Bad Debt Expense accounts has an unadjusted...
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than...
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 5% uncollectible rate. Accounts more than 60 days are considered old and have a 40% uncollectible rate. Required: 1. If YOC has $100,000 of young accounts and $400,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? Amount to be Reported 2. If YOC's Allowance for Doubtful Accounts currently has an...
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than...
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 4% uncollectible rate. Accounts more than 60 days are considered old and have a 35% uncollectible rate. Required: 1. If YOC has $101,000 of young accounts and $410,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? Amount to be Reported 2. If YOC's Allowance for Doubtful Accounts currently has an...
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than...
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 5% uncollectible rate. Accounts more than 60 days are considered old and have a 40% uncollectible rate. Required: 1. If YOC has $100,000 of young accounts and $400,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? 2. If YOC's Allowance for Doubtful Accounts currently has an unadjusted credit balance of...
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than...
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 4% uncollectible rate. Accounts more than 60 days are considered old and have a 35% uncollectible rate. Required: 1. If YOC has $101,000 of young accounts and $410,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? Amount to be Reported III IIIIIIIIIIIIIIIIIIIIIIIIIIIIII 2. If YOC's Allowance for Doubtful Accounts currently...
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60...
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 4% uncollectible rate. Accounts more than 60 days are considered old and have a 35% uncollectible rate Required: 1. If YOC has $104,000 of young accounts and $440,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? 2. If YOC's Allowance for Doubtful Accounts currently has an unadjusted credit balance of...
Adventure Company uses the aging of accounts receivable method to estimate Bad Debt Expense. The balance...
Adventure Company uses the aging of accounts receivable method to estimate Bad Debt Expense. The balance of each account receivable is aged on the basis of three categories as follows: (1) 1-30 days old, (2) 30-90 days old, and (3) more than 90 days old. Based on experience, management has estimated what portion of receivables of a specific age will not be paid as follows: (1) 1%, (2) 15%, and (3) 40%, respectively. At December 31, the unadjusted credit balance...
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 5% uncollectible rate. Accounts more than 60 days are considered old and have a 40% uncollectible rate. Required: 1. If YOC has $100,000 of young accounts and $400,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? Amount to be Reported 2. If YOC's Allowance for Doubtful Accounts currently has an...
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 4% uncollectible rate. Accounts more than 60 days are considered old and have a 35% uncollectible rate. Required: 1. If YOC has $101,000 of young accounts and $410,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? Amount to be Reported 2. If YOC's Allowance for Doubtful Accounts currently has an...
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 5% uncollectible rate. Accounts more than 60 days are considered old and have a 40% uncollectible rate. Required: 1. If YOC has $100,000 of young accounts and $400,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? 2. If YOC's Allowance for Doubtful Accounts currently has an unadjusted credit balance of...
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 4% uncollectible rate. Accounts more than 60 days are considered old and have a 35% uncollectible rate. Required: 1. If YOC has $101,000 of young accounts and $410,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? Amount to be Reported III IIIIIIIIIIIIIIIIIIIIIIIIIIIIII 2. If YOC's Allowance for Doubtful Accounts currently...
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 4% uncollectible rate. Accounts more than 60 days are considered old and have a 35% uncollectible rate Required: 1. If YOC has $104,000 of young accounts and $440,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? 2. If YOC's Allowance for Doubtful Accounts currently has an unadjusted credit balance of...
Adventure Company uses the aging of accounts receivable method to estimate Bad Debt Expense. The balance of each account receivable is aged on the basis of three categories as follows: (1) 1-30 days old, (2) 30-90 days old, and (3) more than 90 days old. Based on experience, management has estimated what portion of receivables of a specific age will not be paid as follows: (1) 1%, (2) 15%, and (3) 40%, respectively. At December 31, the unadjusted credit balance...
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