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American box | |||||||
Calculation of allowance for uncollectible balance | |||||||
A | B | C=A*B | D=A-C | ||||
Days Past due | Customer | Invoice No. | Amount $ | Exact days due | % uncollectible | Allowance $ | Net Receivable |
1-30 days | |||||||
Airflow Inc. | 6300 | 2,700.00 | 22.00 | 1.50% | 40.50 | 2,659.50 | |
Airflow Inc. | 6301 | 18,000.00 | 17.00 | 1.50% | 270.00 | 17,730.00 | |
Airflow Inc. | 6302 | 9,100.00 | 16.00 | 1.50% | 136.50 | 8,963.50 | |
Airflow Inc. | 6303 | 2,600.00 | 8.00 | 1.50% | 39.00 | 2,561.00 | |
Baxter & Sons | 40162 | 22,000.00 | 21.00 | 1.50% | 330.00 | 21,670.00 | |
Baxter & Sons | 40163 | 24,200.00 | 15.00 | 1.50% | 363.00 | 23,837.00 | |
Baxter & Sons | 40164 | 21,000.00 | 13.00 | 1.50% | 315.00 | 20,685.00 | |
Findley and Associates | 56029 | 33,000.00 | 26.00 | 1.50% | 495.00 | 32,505.00 | |
Findley and Associates | 56030 | 94,000.00 | 12.00 | 1.50% | 1,410.00 | 92,590.00 | |
Irish Potato Company | 81010 | 55,000.00 | 23.00 | 1.50% | 825.00 | 54,175.00 | |
Irish Potato Company | 81075 | 64,000.00 | 10.00 | 1.50% | 960.00 | 63,040.00 | |
Lumber Depot | 11514 | 13,465.00 | 23.00 | 1.50% | 201.98 | 13,263.03 | |
Total 1-30 days | 359,065.00 | 5,385.98 | 353,679.03 | ||||
31-60 days | |||||||
Baxter & Sons | 40160 | 14,000.00 | 35.00 | 3.00% | 420.00 | 13,580.00 | |
Findley and Associates | 56027 | 11,000.00 | 55.00 | 3.00% | 330.00 | 10,670.00 | |
Findley and Associates | 56028 | 31,000.00 | 41.00 | 3.00% | 930.00 | 30,070.00 | |
Lumber Depot | 11512 | 29,000.00 | 34.00 | 3.00% | 870.00 | 28,130.00 | |
Total 31-60 days | 85,000.00 | 2,550.00 | 82,450.00 | ||||
61-90 days | |||||||
Airflow Inc. | 6299 | 4,125.00 | 86.00 | 6.00% | 247.50 | 3,877.50 | |
Kentucky Staples Company | 10915 | 4,400.00 | 70.00 | 6.00% | 264.00 | 4,136.00 | |
Lumber Depot | 11509 | 8,500.00 | 88.00 | 6.00% | 510.00 | 7,990.00 | |
Total 61-90 days | 17,025.00 | 1,021.50 | 16,003.50 | ||||
91 days+ | |||||||
Baxter & Sons | 40082 | 1,600.00 | 139.00 | 15.00% | 240.00 | 1,360.00 | |
Kentucky Staples Company | 10912 | 21,000.00 | 110.00 | 15.00% | 3,150.00 | 17,850.00 | |
Kentucky Staples Company | 10914 | 8,000.00 | 98.00 | 15.00% | 1,200.00 | 6,800.00 | |
Total 91 days+ | 30,600.00 | 4,590.00 | 26,010.00 | ||||
Total | 491,690.00 | 13,547.48 | 478,142.53 | ||||
So total allowance for doubtful debt is $ 13,547.48 | |||||||
And total net accounts receivable is $ 478,142.53 | |||||||
Calculation of maximum amount of finance: | |||||||
E | F | G=E*F | |||||
Days Past due | Amount $ | % given | Maximum amount $ | ||||
1-30 days | 359,065.00 | 90% | 323,158.50 | ||||
31-60 days | 85,000.00 | 70% | 59,500.00 | ||||
61-90 days | 17,025.00 | 25% | 4,256.25 | ||||
91 days+ | 30,600.00 | 0% | - | ||||
Total | 491,690.00 | 386,914.75 | |||||
So maximum amount of finance/ loan from bank is $ 386,914.85. | |||||||
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