Required information
[The following information applies to the questions
displayed below.]
Jarden Company has credit sales of $2,500,000 for year 2017. On
December 31, 2017, the company’s Allowance for Doubtful Accounts
has an unadjusted credit balance of $16,960. 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 |
||
$ | 500,000 | Not yet due | 1.05 | % |
200,000 | 1 to 30 days past due | 1.80 | ||
40,000 | 31 to 60 days past due | 6.30 | ||
20,000 | 61 to 90 days past due | 31.75 | ||
4,000 | Over 90 days past due | 66.00 | ||
Required:
1. Estimate the required balance of the Allowance
for Doubtful Accounts at December 31, 2017, using the aging of
accounts receivable method.
This information is summarized here.
December 31, 2017 Accounts Receivable |
Age of Accounts Receivable |
Expected Percent Uncollectible |
Amount | |||||
$ | 500,000 | Not yet due | 1.05 | % | 5250 | |||
200,000 | 1 to 30 days past due | 1.80 | 3600 | |||||
40,000 | 31 to 60 days past due | 6.30 | 2520 | |||||
20,000 | 61 to 90 days past due | 31.75 | 6350 | |||||
4000 |
|
66 | 2640 | |||||
Total | 20360 |
Estimated allowance for doubtful accounts = $20360
Required information [The following information applies to the questions displayed below.] Jarden Company has credit sales...
Required information [The following information applies to the questions displayed below.] Jarden Company has credit sales of $2,600,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,066. 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...
Required Information [The following information applies to the questions displayed below.) Jarden Company has credit sales of $2,900,000 for year 2018. On December 31, 2018, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $21,659. Jarden prepares a schedule of its December 31, 2018 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, 2018 Accounts...
The following information applies to the questions displayed below.) Jarden Company has credit sales of $2,900,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $21,359. 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 $...
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...
Chapter 7 Problems i Saved Required information [The following information applies to the questions displayed below.) Part 1 of 2 On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $16.000. Jarden prepares a schedule of its December 31 accounts receivable by age. 2.5 points Skipped Accounts Receivable $ 900,000 360,000 72,000 36,000 14,400 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to...
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...
4. Temper Company has credit sales of $3.10 million for year 2010. Temper estimates that 0.9% of the credit sales will not be collected. On December 31, 2010, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $2,222. Temper prepares a schedule of its December 31, 2010, accounts receivable by age. Based on past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here: 25 points December...
Chapter 7 Help Se 9 Required information (The following information applies to the questions displayed below Jarden Company has credit sales of $3,600,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31, 2017, receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category accounts This information is summarized here Expected Percent 1.25%...
On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible $ 880,000 Not yet due 1.20 % 352,000 1 to 30 days past due 1.95 70,400 31 to 60 days past due 6.45 35,200 61 to 90 days past due 32.50 14,080 Over 90 days past due 67.00 Required: 1. Compute the required...
[The following information applies to the questions displayed below.] At December 31, 2018, Hawke Company reports the following results for its calendar year. Required information (The following information applies to the questions displayed below.] At December 31, 2018, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,478,710 3,022,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $915,666 debit 20,920 debit Required: 1. Prepare the adjusting entry...