Homework Answers
| Ivanhoe company - Aging schedule | Bad debt exp. | |||||||
| Allowance for doubtful debts | 36662 | |||||||
| Balance | Allowance % | Allowance needed ( balance * allowance % ) | Income summary | 36662 | ||||
| Not yet due | 110300 | 3% | 3309 | 36662 | 36662 | |||
| 1 - 30 days | 50200 | 8% | 4016 | |||||
| 31 -60 days | 27200 | 12% | 3264 | Allowance for Doubtful debts | ||||
| 61 -90 days | 43700 | 24% | 10488 | Closing bal. | 44562 | Op. Balance | 7900 | |
| Over 90 days | 38500 | 61% | 23485 | Bad debt exp. | 36662 | |||
| 159600 | 44562 | 44562 | 44562 | |||||
| Accounts receivable | 660 | Op. Balance | 44562 | |||||
| Required balance of Allowance for doubtful debts :- 44562 | Closing bal. | 44562 | Accounts receivable | 660 | ||||
| Present balance :- 7900 ( credit ) | 45222 | 45222 | ||||||
| Bad debt exp. :- 44562-7900 = $ 36662 | ||||||||
| Adjusting entry | ||||||||
| Bad debt exp. | 36662 | |||||||
| Allowance for doubtful debts | 36662 | |||||||
| Journal Entry ( 2022 ) | ||||||||
| Allowance for doubtful debts | 660 | |||||||
| Accounts receivable | 660 | |||||||
| Accounts receivable | 660 | |||||||
| Allowance for doubtful debts | 660 | |||||||
| Cash | 660 | |||||||
| Accounts receivable | 660 | |||||||
| Required balance of Allowance for doubtful debts :- 37400 | ||||||||
| Present balance :- 1200 ( debit ) | ||||||||
| Bad debt exp. :- 37400+1200 = $ 38600 | ||||||||
| Adjusting entry | ||||||||
| Bad debt exp. | 38600 | |||||||
| Allowance for doubtful debts | 38600 | |||||||
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Presented below is an aging schedule for Ivanhoe Company at December 31, 2021. Customer Aneesh Bird Number of Days Past...
Presented below is an aging schedule for Ivanhoe Company at December 31, 2021. Number of Days...
Presented below is an aging schedule for Ivanhoe Company at December 31, 2021. Number of Days Past Due Not Yet Due Total Customer 1-30 31-60 Over 90 61-90 Aneesh $8,700 $15,000 Bird $ 23.700 27,900 53,500 $ 27,900 4.900 Cope 4.900 $43.700 DeSpears Others 38.500 $38,500 126,300 77,500 36,600 12,200 $269,900 $110,300 $50,200 $27,200 $43,700 $38,500 Estimated percentage uncollectible 3% 8% 12% 24% 61% Total estimated bad debts $44,562 $3,309 $4,016 $3,264 $10,488 $23,485 At December 31, 2021, the unadjusted...
Presented below is an aging schedule for Oriole Company at December 31, 2021. Number of Days...
Presented below is an aging schedule for Oriole Company at December 31, 2021. Number of Days Past Due Not Yet Due Total Customer Over 90 61-90 1-30 31-60 $ 9,600 $15,700 Aneesh $ 25,300 Bird 28,400 50,800 $ 28,400 5,500 Cope 5,200 $40,100 DeSpears 38,000 $38,000 Others 119,500 75,200 31,800 12,500 $262,000 $109,100 $46,600 $28,200 $40,100 $38,000 Estimated percentage uncollectible 3% 7% 13% 23% 59% Total estimated bad debts $ 41,844 $3,273 $3,262 $3,666 $9,223 $22,420 At December 31, 2021,...
Presented below is an aging schedule for Bridgeport Corp. at December 31, 2021. Number of Days Past Due Not Yet...
Presented below is an aging schedule for Bridgeport Corp. at December 31, 2021. Number of Days Past Due Not Yet Due Total Customer 1-30 31-60 Over 90 61-90 Aneesh $ 23,700 $ 8,100 $15,600 Bird Cope De Spears 32,600 $ 32,600 48,900 4,700 4,600 $39,600 37,200 $37,200 120,900 75,400 33,100 $263,300 $112,700 $45,800 $28,000 $39,600 $37,200 Others Estimated percentage uncollectible 3% 7% 13% 26% 62% Total estimated bad debts $43,587 $ 3,381 $3,206 $3,640 $ 10,296 $23,064 At December 31,...
Clase Presented below is an aging schedule for Ivanhoe Company at December 31, 2021 Number of...
Clase Presented below is an aging schedule for Ivanhoe Company at December 31, 2021 Number of Days Past Due Not Yet Over Total Customer Due 1-30 31-60 61-90 90 $8,700 $15,000 $23,700 Aneesh Bird 27,900 $27.900 $43,700 Cope 53,500 4,900 4,900 DeSpears $38,500 38,500 Others 126,300 77,500 36,600 12,200 $269,900 $110,300 $50,200 $27,200 $43,700 $38,500 Estimated percentage 3% 8% 12% 24% 61% uncollectible $44,562 $3,309 $4,016 $3,264 $10,488 $23,485 Total estimated bad debts At December 31, 2021, the unadjusted balance...
Presented below is an aging schedule for Sweet Acacia Industries at December 31, 2021. Presented below...
Presented below is an aging schedule for Sweet Acacia Industries
at December 31, 2021.
Presented below is an aging schedule for Sweet Acacia Industries at December 31, 2021. Number of Days Past Due Not Yet Due Customer Total 1 -30 Over 90 31-60 61-90 Aneesh $ 23,900 $ 8,100 $15,800 Bird 28,200 $ 28,200 Cope 49,500 4,500 5,100 $39,900 DeSpears Others 37,300 $37,300 127,700 76,000 38,100 13,600 $266,600 $108,700 $51,300 $29,400 $39,900 $37,300 Estimated percentage uncollectible 3% 7% 12% 25%...
Quction View Policies Current Attempt in Progress Presented below is an aging schedule for Sheffield Corp....
Quction View Policies Current Attempt in Progress Presented below is an aging schedule for Sheffield Corp. at December 31, 2021. Customer Aneesh Bird Number of Days Past Due Not Yet Total Due 1-30 31-60 61-90 90 $ 23,700 $ 9,900 $13,800 28,700 $ 28,700 53,000 5,000 5,100 40,400 $40,400 120,700 76,900 31,600 12.200 $266,500 $110,600 $46,600 $26,000 $42,900 $40,400 Cope $42 900 DeSpears Others Estimated percentage uncollectible 3% 7% 13% 23% 6296 Total estimated bad debts $44,875 $3,318 $3.262 $3,380...
Problem 8-03A a-c (Video) Presented below is an aging schedule for Halleran Company. Number of Days...
Problem 8-03A a-c (Video) Presented below is an aging schedule for Halleran Company. Number of Days Past Due Not Over Total 1-30 Customer Yet Due 31-60 61-90 90 22,000 $10,000 $12,000 Anders $40,000 40,000 Blake $35,000 57,000 16,000 6,000 Coulson $34,000 34,000 Deleon 132,000 96,000 16,000 14,000 6,000 Others $285,000 $152,000 $32,000 $26,000 $35,000 $40,000 Estimated 3% 6% 13% 25% 50% Percentage Uncollectible Total Estimated Bad 38,610 $4,560 $1,920 3,380 $ 8,750 $20,000 Debts At December 31, 2020, the unadjusted...
Problem 8-3A Presented below is an aging schedule for Ivanhoe Company. Not Yet Due Number of...
Problem 8-3A Presented below is an aging schedule for Ivanhoe Company. Not Yet Due Number of Days Past Due Over 1-30 31-60 61-90 90 $8,700 $15,000 Customer Aneesh Bird Cope DeSpears Others Total $ 23,700 27,900 53,500 38,500 126,300 $269,900 $ 27,900 4,900 4,900 $43,700 US $38,500 77,500 $110,300 36,600 $50,200 12,200 $27,200 $43,700 $38,500 3% 8% 12% Estimated percentage uncollectible Total estimated bad debts 24% $10,488 61% $23,485 $ 44,562 $3,309 $4,016 $3,264 At December 31, 2016, the unadjusted...
Question 4 Presented below is an aging schedule for Bridgeport plc. Number of Days Past Due...
Question 4
Presented below is an aging schedule for Bridgeport plc.
Number of Days Past Due
Customer
Total
Not
Yet Due
1–30
31–60
61–90
Over 90
Anders
$ 30,800
$13,900
$16,900
Blake
43,300
$ 43,300
Cyrs
58,000
16,200
6,400
$35,400
De Jong
34,900
$34,900
Others
137,200
98,900
17,200
14,300
6,800
$304,200
$158,400
$37,500
$31,200
$35,400
$41,700
Estimated percentage uncollectible
1%
5%
15%
26%
62%
Total estimated bad debts
$ 43,197
$ 1,584
$ 1,875
$ 4,680
$ 9,204
$25,854
At...
Presented below is an aging schedule for Carla Vista Co. at December 31, 2021. Number of...
Presented below is an aging schedule for Carla Vista Co. at December 31, 2021. Number of Days Past Due Total Not Yet Customer Total Due 1 -30 Over 90 31-60 61-90 Aneesh $ 9,000 $15,400 $ 24,400 29,400 $ 29,400 Bird Cope 50,100 5,400 4,700 $40,000 DeSpears Others 39,600 $39,600 122,400 71,700 38,000 12,700 $265,900 $106,500 $51,700 $28,100 $40,000 $39,600 Estimated percentage uncollectible 3% 7% 13% 23% 54% Total estimated bad debts $ 41,051 $3,195 $3,619 $3,653 $ 9,200 $21,384...
Presented below is an aging schedule for Ivanhoe Company at December 31, 2021. Number of Days Past Due Not Yet Due Total Customer 1-30 31-60 Over 90 61-90 Aneesh $8,700 $15,000 Bird $ 23.700 27,900 53,500 $ 27,900 4.900 Cope 4.900 $43.700 DeSpears Others 38.500 $38,500 126,300 77,500 36,600 12,200 $269,900 $110,300 $50,200 $27,200 $43,700 $38,500 Estimated percentage uncollectible 3% 8% 12% 24% 61% Total estimated bad debts $44,562 $3,309 $4,016 $3,264 $10,488 $23,485 At December 31, 2021, the unadjusted...
Presented below is an aging schedule for Oriole Company at December 31, 2021. Number of Days Past Due Not Yet Due Total Customer Over 90 61-90 1-30 31-60 $ 9,600 $15,700 Aneesh $ 25,300 Bird 28,400 50,800 $ 28,400 5,500 Cope 5,200 $40,100 DeSpears 38,000 $38,000 Others 119,500 75,200 31,800 12,500 $262,000 $109,100 $46,600 $28,200 $40,100 $38,000 Estimated percentage uncollectible 3% 7% 13% 23% 59% Total estimated bad debts $ 41,844 $3,273 $3,262 $3,666 $9,223 $22,420 At December 31, 2021,...
Presented below is an aging schedule for Bridgeport Corp. at December 31, 2021. Number of Days Past Due Not Yet Due Total Customer 1-30 31-60 Over 90 61-90 Aneesh $ 23,700 $ 8,100 $15,600 Bird Cope De Spears 32,600 $ 32,600 48,900 4,700 4,600 $39,600 37,200 $37,200 120,900 75,400 33,100 $263,300 $112,700 $45,800 $28,000 $39,600 $37,200 Others Estimated percentage uncollectible 3% 7% 13% 26% 62% Total estimated bad debts $43,587 $ 3,381 $3,206 $3,640 $ 10,296 $23,064 At December 31,...
Clase Presented below is an aging schedule for Ivanhoe Company at December 31, 2021 Number of Days Past Due Not Yet Over Total Customer Due 1-30 31-60 61-90 90 $8,700 $15,000 $23,700 Aneesh Bird 27,900 $27.900 $43,700 Cope 53,500 4,900 4,900 DeSpears $38,500 38,500 Others 126,300 77,500 36,600 12,200 $269,900 $110,300 $50,200 $27,200 $43,700 $38,500 Estimated percentage 3% 8% 12% 24% 61% uncollectible $44,562 $3,309 $4,016 $3,264 $10,488 $23,485 Total estimated bad debts At December 31, 2021, the unadjusted balance...
Presented below is an aging schedule for Sweet Acacia Industries
at December 31, 2021.
Presented below is an aging schedule for Sweet Acacia Industries at December 31, 2021. Number of Days Past Due Not Yet Due Customer Total 1 -30 Over 90 31-60 61-90 Aneesh $ 23,900 $ 8,100 $15,800 Bird 28,200 $ 28,200 Cope 49,500 4,500 5,100 $39,900 DeSpears Others 37,300 $37,300 127,700 76,000 38,100 13,600 $266,600 $108,700 $51,300 $29,400 $39,900 $37,300 Estimated percentage uncollectible 3% 7% 12% 25%...
Quction View Policies Current Attempt in Progress Presented below is an aging schedule for Sheffield Corp. at December 31, 2021. Customer Aneesh Bird Number of Days Past Due Not Yet Total Due 1-30 31-60 61-90 90 $ 23,700 $ 9,900 $13,800 28,700 $ 28,700 53,000 5,000 5,100 40,400 $40,400 120,700 76,900 31,600 12.200 $266,500 $110,600 $46,600 $26,000 $42,900 $40,400 Cope $42 900 DeSpears Others Estimated percentage uncollectible 3% 7% 13% 23% 6296 Total estimated bad debts $44,875 $3,318 $3.262 $3,380...
Problem 8-03A a-c (Video) Presented below is an aging schedule for Halleran Company. Number of Days Past Due Not Over Total 1-30 Customer Yet Due 31-60 61-90 90 22,000 $10,000 $12,000 Anders $40,000 40,000 Blake $35,000 57,000 16,000 6,000 Coulson $34,000 34,000 Deleon 132,000 96,000 16,000 14,000 6,000 Others $285,000 $152,000 $32,000 $26,000 $35,000 $40,000 Estimated 3% 6% 13% 25% 50% Percentage Uncollectible Total Estimated Bad 38,610 $4,560 $1,920 3,380 $ 8,750 $20,000 Debts At December 31, 2020, the unadjusted...
Problem 8-3A Presented below is an aging schedule for Ivanhoe Company. Not Yet Due Number of Days Past Due Over 1-30 31-60 61-90 90 $8,700 $15,000 Customer Aneesh Bird Cope DeSpears Others Total $ 23,700 27,900 53,500 38,500 126,300 $269,900 $ 27,900 4,900 4,900 $43,700 US $38,500 77,500 $110,300 36,600 $50,200 12,200 $27,200 $43,700 $38,500 3% 8% 12% Estimated percentage uncollectible Total estimated bad debts 24% $10,488 61% $23,485 $ 44,562 $3,309 $4,016 $3,264 At December 31, 2016, the unadjusted...
Question 4
Presented below is an aging schedule for Bridgeport plc.
Number of Days Past Due
Customer
Total
Not
Yet Due
1–30
31–60
61–90
Over 90
Anders
$ 30,800
$13,900
$16,900
Blake
43,300
$ 43,300
Cyrs
58,000
16,200
6,400
$35,400
De Jong
34,900
$34,900
Others
137,200
98,900
17,200
14,300
6,800
$304,200
$158,400
$37,500
$31,200
$35,400
$41,700
Estimated percentage uncollectible
1%
5%
15%
26%
62%
Total estimated bad debts
$ 43,197
$ 1,584
$ 1,875
$ 4,680
$ 9,204
$25,854
At...
Presented below is an aging schedule for Carla Vista Co. at December 31, 2021. Number of Days Past Due Total Not Yet Customer Total Due 1 -30 Over 90 31-60 61-90 Aneesh $ 9,000 $15,400 $ 24,400 29,400 $ 29,400 Bird Cope 50,100 5,400 4,700 $40,000 DeSpears Others 39,600 $39,600 122,400 71,700 38,000 12,700 $265,900 $106,500 $51,700 $28,100 $40,000 $39,600 Estimated percentage uncollectible 3% 7% 13% 23% 54% Total estimated bad debts $ 41,051 $3,195 $3,619 $3,653 $ 9,200 $21,384...
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