Robinson, Inc. reports the following aging schedule for accounts receivable at December 31, 2015.  
- Robinson, Inc. reports the following aging schedule for accounts receivable at December 31, 2015.
Probability
Days outstanding Amount of collection
0 – 30 $87,500 98%
31 – 60 $13,500 68%
61 – 90 $9,300 30%
over 91 $2,400 5%
During 2015 gross sales were $350,000. Ninety percent of gross sales were credit sales. Management estimates that 3% of credit sales will be uncollectible. The current balance in the Allowance for Doubtful Accounts is $5,500 (credit). What amount of bad debt expense should Robinson record at the end of the year using the percentage of sales method?
Homework Answers
Bad debt expenses = (Sales X Credit sales percentage) X Percentage uncollectible
= ($350,000 X 90%) X 3%
= $9,450
Add Answer to:
Robinson, Inc. reports the following aging schedule for
accounts receivable at December 31, 2015.
 
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Accounts Receivable and aging schedule to be used at December 31, 2019 Age of Accounts Accounts...
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Timber Company has given you the following information from its aging of accounts receivable. Using this...
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2. An analysis and aging of Riverbed Corp. accounts receivable at December 31, 2020, disclosed the...
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Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables...
Route Canal Shipping Company has the following schedule for
aging of accounts receivable:
Age of Receivables
April 30, 20X1
(1)
(2)
(3)
(4)
Month of
Sales
Age of
Account
Amounts
Percent of
Amount Due
April
0–30
$
253,750
_______
March
31–60
145,000
_______
February
61–90
217,500
_______
January
91–120
108,750
_______
Total receivables
$
725,000
100%
a. Calculate the percentage of amount due for each
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b. If the firm had $1,740,000 in credit sales over
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Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables...
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Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivable...
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Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables...
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Canarie Ltd. prepares an aging schedule for its accounts receivable at the end of each month...
Canarie Ltd. prepares an aging schedule for its accounts
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monthly. The following selected information is from Canarie’s
partial aging schedule at the end of July:
Number of
Days
Outstanding
Accounts
Receivable
Estimated
Percentage
Uncollectible
0–30 days
$719,000
2%
31–60 days
326,000
6%
61–90 days
121,000
11%
Over 90 days
78,000
23%
Total
$1,244,000
The unadjusted balance in Allowance for Doubtful Accounts is a
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(a)
Your...
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Accounts Receivable and aging schedule to be used at December 31, 2019 Age of Accounts Accounts Receivable 1-30 Days 31-60 Days 61-90 Days Over 90 Days $ 233,000 $ 139,000 $ 53,000 $ 11,000 $ 30,000 Estimated percent uncollectible 0.2% 2% 15% 35% Print Done The September 30, 2019, records of Perfecto Communications include these accounts: (Click the icon to view the September 30, 2019 account balances.) During the last quarter of 2019, the company completed the following selected transactions:...
Timber Company has given you the following information from its aging of accounts receivable. Using this information, determine the ending balance of the allowance for doubtful accounts and prepare the journal entry to record bad debt expense. Current amount in the allowance for doubtful accounts is a $958 credit. Current 31-60 days 61-90 days 91 and up $24,400 7,350 3,380 1,220 2% uncollectible 8% uncollectible 15% uncollectible 30% uncollectible
2. An analysis and aging of Riverbed Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful accounts (per books) $ 182,300 1,786,000 126,040 What is the net amount expected to be collected of Riverbed's receivables at December 31, 2020? Net realizable value $ 1659960 3. Marin Co. provides for doubtful accounts based on 2% of gross accounts receivable. The following data are available for 2020. Credit sales during 2020...
Route Canal Shipping Company has the following schedule for
aging of accounts receivable:
Age of Receivables
April 30, 20X1
(1)
(2)
(3)
(4)
Month of
Sales
Age of
Account
Amounts
Percent of
Amount Due
April
0–30
$
253,750
_______
March
31–60
145,000
_______
February
61–90
217,500
_______
January
91–120
108,750
_______
Total receivables
$
725,000
100%
a. Calculate the percentage of amount due for each
month.
b. If the firm had $1,740,000 in credit sales over
the four-month period, compute...
Canarie Ltd. prepares an aging schedule for its accounts
receivable at the end of each month and records bad debts expense
monthly. The following selected information is from Canarie’s
partial aging schedule at the end of July:
Number of
Days
Outstanding
Accounts
Receivable
Estimated
Percentage
Uncollectible
0–30 days
$719,000
2%
31–60 days
326,000
6%
61–90 days
121,000
11%
Over 90 days
78,000
23%
Total
$1,244,000
The unadjusted balance in Allowance for Doubtful Accounts is a
credit of $13,000.
(a)
Your...
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