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| ABC Company | ||||||||||||
| Calculation of bad debt expense: | Allowance for uncollectible account | |||||||||||
| A | B | C=A*B | Date | Account | Debit $ | Date | Account | Credit $ | ||||
| Days Past due | Balance | % uncollectible | Uncollectible amount | Closing Balance | 3,900.00 | 31-Dec-18 | Bad debt expense | 3,900.00 | ||||
| Current | 10,000.00 | 1.0% | 100.00 | 3,900.00 | 3,900.00 | |||||||
| 31-60 days past due | 15,000.00 | 5.0% | 750.00 | 1-Jan-19 | Opening Balance | 3,900.00 | ||||||
| 61-90 days past due | 8,000.00 | 10.0% | 800.00 | |||||||||
| Over 90 days past due | 7,500.00 | 30.0% | 2,250.00 | Balance Sheet | Amount $ | |||||||
| Total | 40,500.00 | 3,900.00 | Accounts Receivable | 40,500.00 | ||||||||
| Allowance for uncollectible account | 3,900.00 | Less: Allowance for uncollectible account | 3,900.00 | |||||||||
| Bad debt expense | 3,900.00 | Accounts Receivable (net) | 36,600.00 | |||||||||
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2. ABC Corporation has aged its accounts receivable and estimated uncollectible accounts as follows (in thousands):...
Problem 3 (10 points): Heller Corporation has aged its accounts receivable and estimated uncollectible accounts as...
Problem 3 (10 points): Heller Corporation has aged its accounts receivable and estimated uncollectible accounts as follows (in millions): Estimated % uncollectible 1% 3% Age of Receivables Current 30-60 days past due 61-90 days past due Over 90 days past due Total Balance $11,000 2,400 1,700 840 $15,940 6% 10% a. Determine the appropriate allowance for uncollectible accounts. b. How will Heller Corporation report its accounts receivable on the balance sheet?
Silver Key Corporation estimates its annual provision for uncollectible accounts by analyzing the aged schedule of...
Silver Key Corporation estimates its annual provision for uncollectible accounts by analyzing the aged schedule of accounts receivable. (Click the icon to view the schedule of accounts receivable.) It is common industry practice to estimate an allowance for uncollectible accounts based on the following estimates. (Click the icon to view the allowances provided.) Prepare the journal entry to record the provision for bad debts assuming that the existing credit balance in the allowance for doubtful accounts is equal to $23,150....
6-22. Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December...
6-22. Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible. Age Group 0-30 days past due 31-60 days past due 61-120 days past due. 121-180 days past due Over 180 days past due.. Total accounts receivable... Accounts Receivable $ 90,000 20,000 11,000 6,000 4,000 $131,000 Estimated Loss % 1% 2 5 10 25 The unused balance of...
Kidz Incorporated reports the following aging schedule of its accounts receivable with the estimated percent uncollectible....
Kidz Incorporated reports the following aging schedule of its accounts receivable with the estimated percent uncollectible. Estimated Amount Percent Age Group Receivable Uncollectible 0-60 days $20,000 28 61-90 days 6,000 158 More than 90 days past due 2,000 Total $28,000 503 At what amount would Allowance for Uncollectible Accounts be reported in the current year's balance sheet? At the beginning of the year, Dawnetta Fashions has total accounts receivable of $300,000. By the end of the year, Dawnetta reports total...
Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts. Accounts not yet due = $385,000; estimated uncollectible = 15%. Accounts 1–30 days past due = $48,200; estimated un
Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts.Accounts not yet due = $385,000; estimated uncollectible = 15%.Accounts 1–30 days past due = $48,200; estimated uncollectible = 18%.Accounts 31–90 days past due = $38,500; estimated uncollectible = 22%Accounts more than 90 days past due = $28,800; estimated uncollectible = 25%.At 12/31/2021, before recording any adjustments, Zuo has a credit balance of $25,300 in its allowance for uncollectible accounts.Required:1. Estimate the...
Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as follows....
Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as follows. Percent Uncollectible Age Class Not past due 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Estimate the allowance for doubtful accounts, based on the aging of receivables Information provided in the chart below. Kirchhoff Industries Estimate the Allowance for Doubtful Accounts Balance Not Past Due Days Past Due 1-30 Days Past Due 31-60 Days Past...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31,...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible Accounts Estimated Age Group Receivable Loss % 0-30 days past due $80,000 31-60 days past due 20.000 61-120 days past due 14.000 121.180 days past due 6,000 Over 180 days past due 4,000 Total accounts receivable $124.000 The balance of the allowance for uncollectible accounts is $450 on...
Granger Corporation has accounts receivable of $95,700 at March 31, 2018. An analysis of the accounts...
Granger Corporation has accounts receivable of $95,700 at March 31, 2018. An analysis of the accounts shows these amounts. Month of Sale March (current) February (1 - 30 days past due) December and January (31 - 90 days past due) (over 90 days past due) Balance, March 31 2018 2017 $64,300 $76,500 13,700 7,800 10,000 2,700 7,700 1,100 $95,700 $88,100 Credit terms are 2/10,n/30. At March 31, 2018, there is an unadjusted $2,200 credit balance in Allowance for Doubtful Accounts....
Nija Incorporated reports the following aging schedule of its accounts receivable with the estimated percent uncollectible....
Nija Incorporated reports the following aging schedule of its accounts receivable with the estimated percent uncollectible. What is the total estimate of uncollectible accounts using the aging method? Age Group 0-60 days 61-90 days More than 90 days past due Total Estimated Amount Percent Receivable Uncollectible $40,000 16 15,000 208 5,000 608 $60,000
SECTION C-LONG QUESTION (10 points) A year-end review of Company ABC's Accounts Receivable and estimated uncollectible...
SECTION C-LONG QUESTION (10 points) A year-end review of Company ABC's Accounts Receivable and estimated uncollectible percentages revealed the following: Days due Estimated %uncollectibles Accounts receivables 1-30 days 1.5 % 30-90 days $10,000 90 days-1 year $6,000 22% Over 1 year The beginning debit balance for Accounts Receivables was $58,000. The beginning credit balance in Allowance for Uncollectible Accounts was $5,520. During the year, the Company ABC has generated $15,000 sales on account and written off a $600 uncollectible account....
Problem 3 (10 points): Heller Corporation has aged its accounts receivable and estimated uncollectible accounts as follows (in millions): Estimated % uncollectible 1% 3% Age of Receivables Current 30-60 days past due 61-90 days past due Over 90 days past due Total Balance $11,000 2,400 1,700 840 $15,940 6% 10% a. Determine the appropriate allowance for uncollectible accounts. b. How will Heller Corporation report its accounts receivable on the balance sheet?
Silver Key Corporation estimates its annual provision for uncollectible accounts by analyzing the aged schedule of accounts receivable. (Click the icon to view the schedule of accounts receivable.) It is common industry practice to estimate an allowance for uncollectible accounts based on the following estimates. (Click the icon to view the allowances provided.) Prepare the journal entry to record the provision for bad debts assuming that the existing credit balance in the allowance for doubtful accounts is equal to $23,150....
6-22. Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible. Age Group 0-30 days past due 31-60 days past due 61-120 days past due. 121-180 days past due Over 180 days past due.. Total accounts receivable... Accounts Receivable $ 90,000 20,000 11,000 6,000 4,000 $131,000 Estimated Loss % 1% 2 5 10 25 The unused balance of...
Kidz Incorporated reports the following aging schedule of its accounts receivable with the estimated percent uncollectible. Estimated Amount Percent Age Group Receivable Uncollectible 0-60 days $20,000 28 61-90 days 6,000 158 More than 90 days past due 2,000 Total $28,000 503 At what amount would Allowance for Uncollectible Accounts be reported in the current year's balance sheet? At the beginning of the year, Dawnetta Fashions has total accounts receivable of $300,000. By the end of the year, Dawnetta reports total...
Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as follows. Percent Uncollectible Age Class Not past due 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Estimate the allowance for doubtful accounts, based on the aging of receivables Information provided in the chart below. Kirchhoff Industries Estimate the Allowance for Doubtful Accounts Balance Not Past Due Days Past Due 1-30 Days Past Due 31-60 Days Past...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible Accounts Estimated Age Group Receivable Loss % 0-30 days past due $80,000 31-60 days past due 20.000 61-120 days past due 14.000 121.180 days past due 6,000 Over 180 days past due 4,000 Total accounts receivable $124.000 The balance of the allowance for uncollectible accounts is $450 on...
Granger Corporation has accounts receivable of $95,700 at March 31, 2018. An analysis of the accounts shows these amounts. Month of Sale March (current) February (1 - 30 days past due) December and January (31 - 90 days past due) (over 90 days past due) Balance, March 31 2018 2017 $64,300 $76,500 13,700 7,800 10,000 2,700 7,700 1,100 $95,700 $88,100 Credit terms are 2/10,n/30. At March 31, 2018, there is an unadjusted $2,200 credit balance in Allowance for Doubtful Accounts....
Nija Incorporated reports the following aging schedule of its accounts receivable with the estimated percent uncollectible. What is the total estimate of uncollectible accounts using the aging method? Age Group 0-60 days 61-90 days More than 90 days past due Total Estimated Amount Percent Receivable Uncollectible $40,000 16 15,000 208 5,000 608 $60,000
SECTION C-LONG QUESTION (10 points) A year-end review of Company ABC's Accounts Receivable and estimated uncollectible percentages revealed the following: Days due Estimated %uncollectibles Accounts receivables 1-30 days 1.5 % 30-90 days $10,000 90 days-1 year $6,000 22% Over 1 year The beginning debit balance for Accounts Receivables was $58,000. The beginning credit balance in Allowance for Uncollectible Accounts was $5,520. During the year, the Company ABC has generated $15,000 sales on account and written off a $600 uncollectible account....
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