Age Class Uncollectible Not past due 2% 1-30 days past due 31-60 days past due 25 61-90 days past due 35 Over 90 days past due 50 Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. Kirchhoff Industries Aging of Receivables Schedule Not Past 1-30 Days 31-60 Days 61-90 Days Over 90 Days Customer Balance Past Due Past Due Past Due Due Past Due Subtotals 681,800 402,300 150,000 61,400 34,100 34,000 Conover Industries 15,500 15,500 Keystone Company 17,900 17,900 Moxie Creek Inc. 7,900 7,900 Rainbow Company 11,300 11,300 Swanson Company 24,700 24,700 Total receivables 759,100 427,000 161,300 69,300 52,000 49,500 2% 5% 25% 35% 50% Percentage uncollectible 131,712 X 12,528 X 10,664 X 22,320 X 41,200 X 916,700 X Allowance for Doubtful Accounts

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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keAssigimeny takerAJJIC
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Percent
Uncollectible
Age Class
Not past due
2%
1-30 days past due
31-60 days past due
25
61-90 days past due
35
Over 90 days past due
50
Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below.
Kirchhoff Industries
Aging of Receivables Schedule
Not Past
1-30 Days
31-60 Days
61-90 Days
Over 90 Days
Customer
Balance
Past Due
Past Due
Due
Past Due
Past Due
Subtotals
681,800
402,300
150,000
61,400
34,100
34,000
Conover Industries
15,500
15,500
Keystone Company
17,900
17,900
Moxie Creek Inc.
7,900
7,900
Rainbow Company
11,300
11,300
Swanson Company
24,700
24,700
Total receivables
759,100
427,000
161,300
69,300
52,000
49,500
2%
5%
25%
35%
50%
Percentage uncollectible
131,712 X
12,528 X
10,664 X
22,320
41,200 X
916,700
Allowance for Doubtful Accounts
5:51
32%
-4°F
12/17/2
F5
F6
96
5
LL
Transcribed Image Text:keAssigimeny takerAJJIC MSU login O Digital University |. O Tenant Portal - Login Percent Uncollectible Age Class Not past due 2% 1-30 days past due 31-60 days past due 25 61-90 days past due 35 Over 90 days past due 50 Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. Kirchhoff Industries Aging of Receivables Schedule Not Past 1-30 Days 31-60 Days 61-90 Days Over 90 Days Customer Balance Past Due Past Due Due Past Due Past Due Subtotals 681,800 402,300 150,000 61,400 34,100 34,000 Conover Industries 15,500 15,500 Keystone Company 17,900 17,900 Moxie Creek Inc. 7,900 7,900 Rainbow Company 11,300 11,300 Swanson Company 24,700 24,700 Total receivables 759,100 427,000 161,300 69,300 52,000 49,500 2% 5% 25% 35% 50% Percentage uncollectible 131,712 X 12,528 X 10,664 X 22,320 41,200 X 916,700 Allowance for Doubtful Accounts 5:51 32% -4°F 12/17/2 F5 F6 96 5 LL
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