Allowance Method for Doubtful Accounts Averys All-Natural Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable clerk for Averys All-Natural prepared the following aging-of-receivables schedule as of the end of business on December 31, 20Y7: Days Past Due Customer Balance Not Past Due 1–30 31–60 61–90 91–120 Over 120 AAA Beauty 27,500 27,500 Amelia's Wigs 3,750 3,750 Zim’s Beauty 1,650 1,650 Totals 1,100,000 750,000 180,000 75,000 45,000 22,000 28,000 Averys All-Natural Company has a past history of uncollectible accounts by age category, as follows: Age Class Percent Uncollectible Not past due 1 % 1–30 days past due 3 31–60 days past due 7 61–90 days past due 16 91–120 days past due 40 Over 120 days past due 90 I ONLY WANT 6 (A), (B) AND 6(2) ANSWERED NOT WHATS ON THE SNIPPETS!!!!!!!!!! 6. Assume that instead of using the allowance method, Averys All-Natural uses the direct writeoff method. Illustrate the effect on the accounts and financial statements of the following A. The write-off of the Superior Images account on March 4, 20Y8. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Statement of Cash Flows Balance Sheet Assets = Liabilities + Stockholders' Equity + = + 20Y8 Mar. 4 fill in the blank 66 fill in the blank 67 fill in the blank 68 fill in the blank 69 Statement of Cash Flows Income Statement fill in the blank 71 fill in the blank 73 B. The (1) reinstatement and (2) collection of the Superior Images account on August 17, 20Y8. (1) reinstatement If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Statement of Cash Flows Balance Sheet Assets = Liabilities + Stockholders' Equity + = + 20Y8 Aug. 17 fill in the blank 78 fill in the blank 79 fill in the blank 80 fill in the blank 81 Statement of Cash Flows Income Statement fill in the blank 83 fill in the blank 85 (2) collection If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Statement of Cash Flows Balance Sheet Assets = Liabilities + Stockholders' Equity + = + 20Y8 Aug. 17 fill in the blank 90 fill in the blank 91 fill in the blank 92 fill in the blank 93 Statement of Cash Flows Income Statement fill in the blank 95 fill in the blank 97
PLEASE DO NOT SAY THIS IS INCOMPLETEEEEEEEEEEEEEEEEE, IT IS NOT!
This is not incomplete!!!!!!!!!!!!!!!!!!!! I took two snippets that have all that has 1-5 done - so please look at snippets that are attached and you would see that this is not incomplete!!!!!!!!!!!!!!!!!!!!!
I ONLY WANT 6 (A), (B) AND 6(2) ANSWERED NOT WHATS ON THE SNIPPETS!!!!!!!!!!
The questions are bolded!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Allowance Method for Doubtful Accounts
Averys All-Natural Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The
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Days Past Due |
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Customer |
Balance |
Not Past |
1–30 |
31–60 |
61–90 |
91–120 |
Over 120 |
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AAA Beauty |
27,500 |
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27,500 |
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Amelia's Wigs |
3,750 |
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3,750 |
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Zim’s Beauty |
1,650 |
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1,650 |
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Totals |
1,100,000 |
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750,000 |
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180,000 |
75,000 |
45,000 |
22,000 |
28,000 |
Averys All-Natural Company has a past history of uncollectible accounts by age category, as follows:
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Age Class |
Percent |
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Not past due |
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1 |
% |
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1–30 days past due |
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3 |
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31–60 days past due |
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7 |
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61–90 days past due |
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16 |
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91–120 days past due |
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40 |
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Over 120 days past due |
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90 |
I ONLY WANT 6 (A), (B) AND 6(2) ANSWERED NOT WHATS ON THE SNIPPETS!!!!!!!!!!
6. Assume that instead of using the allowance method, Averys All-Natural uses the direct writeoff method. Illustrate the effect on the accounts and financial statements of the following
A. The write-off of the Superior Images account on March 4, 20Y8.
If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and
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B. The (1) reinstatement and (2) collection of the Superior Images account on August 17, 20Y8.
(1) reinstatement
If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.
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(2) collection
If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.
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