ABC estimates potential uncollectable accounts receivables using Aging Accounts Receivable approach. The following is the analysis: Customer K. Brant D. Eaton S Klein C. Sheen Total Total % uncollectible $500 300 150 200 1.150 Not yet due 100 200 300 1% Number of Days Past Due 1-30 31-60 61-90 Over 90 $300 $200 300 5% 50 250 10% What is the total amount of estimated uncollectible? 200 200 25% 200 200 50%

ABC estimates potential uncollectable accounts receivables using Aging Accounts Receivable approach. The following is the analysis: Customer K. Brant D. Eaton S Klein C. Sheen Total Total % uncollectible $500 300 150 200 1.150 Not yet due 100 200 300 1% Number of Days Past Due 1-30 31-60 61-90 Over 90 $300 $200 300 5% 50 250 10% What is the total amount of estimated uncollectible? 200 200 25% 200 200 50%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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An analysis and aging of the accounts receivable of Carla Vista Marine Service Company at December 31 reveal these data: Accounts receivable 12/31/X1 Bad Debt Expense for Year X1 $3,290,000 69,000 Allowance for doubtful accounts ENDING BALANCE 12/31/X1. Credit Balance 459,000 What is the cash realizable value of the accounts receivable at December 31 after adjustment?
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Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as follows. Age Class PercentUncollectible Not past due 2% 1-30 days past due 4 31-60 days past due 18 61-90 days past due 40 Over 90 days past due 75 Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. Kirchhoff Industries Estimate the Allowance for Doubtful Accounts Balance Not PastDue Days PastDue 1-30 Days PastDue 31-60 Days PastDue 61-90 Days PastDue Over 90 Subtotals $1,050,000 $600,000 $220,000 $115,000 $85,000 $30,000 Conover Industries 30,000 30,000 Keystone Company 18,000 18,000 Moxie Creek Inc. 9,000 9,000 Rainbow Company 26,400 26,400 Swanson Company 46,600 46,600 Total receivables 1,180,000 626,400 266,600 124,000 103,000 60,000 Percentage uncollectible 2% 4% 18% 40% 75%…
Evers Industries has a past history of uncollectible accounts, as follows. Age Class Percent Uncollectible Not past due 3% 1–30 days past due 4 31–60 days past due 15 61–90 days past due 33 Over 90 days past due 86 Estimate the allowance for doubtful accounts, based on the aging of receivables information provided below. Evers Industries Estimate of Allowance for Doubtful Accounts 1 Days Past Due Days Past Due Days Past Due Days Past Due 2 Balance Not Past Due 1-30 31-60 61-90 Over 90 3 Total receivables 1,150,100.00 618,800.00 233,100.00 118,000.00 105,800.00 74,400.00 4 Percentage uncollectible 3.0% 4.0% 15.0% 33.0% 86.0% 5 Allowance for doubtful accounts
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Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 5% uncollectible rate. Accounts more than 60 days are considered old and have a 40% uncollectible rate. Required: 1. If YOC has $118,000 of young accounts and $320,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? 2. If YOC's Allowance for Doubtful Accounts currently has an unadjusted credit balance of $32,000, how much should be credited to the account? 3. If YOC's Allowance for Doubtful Accounts has an unadjusted debit balance of $4,200, how much should be credited to the account? 1 Amount to be Reported 2. Amount to be Credited 3. Amount to be Credited