Assignment 5 (Due: Sunday, 10/6, 11:00 PM CST) Accounts Receivable Aging Method 1. Quebec Market reports the following analysis of potential losses in its accounts receivable: Receivable Balance Age Past Due 0-30 days past due Estimated Loss (%) 0.5% 336 1.8% S0 $67,200 31-60 days past due 30,000 61-90 days past due dustiy 18,000 4.3% Over 90 days past due 3,300 ISO1.50 ALComas 45.5% Total $118,500 3IST.SO The balance of Allowance for Doubtful Accounts is $600 credit balance on December 31, 2019 prior to adjustments. 3151.SO -600- 2SS1.S Required: a. Compute bad debts expense that will be recorded for 2019. (Round to nearest whole dollar.) b. What is the amount of net accounts receivable to be reported on Quebec Market's December 31, 2019 balance sheet? oes'Ril 2,551.50 ।।ऽ १५४, ऽ०
Assignment 5 (Due: Sunday, 10/6, 11:00 PM CST) Accounts Receivable Aging Method 1. Quebec Market reports the following analysis of potential losses in its accounts receivable: Receivable Balance Age Past Due 0-30 days past due Estimated Loss (%) 0.5% 336 1.8% S0 $67,200 31-60 days past due 30,000 61-90 days past due dustiy 18,000 4.3% Over 90 days past due 3,300 ISO1.50 ALComas 45.5% Total $118,500 3IST.SO The balance of Allowance for Doubtful Accounts is $600 credit balance on December 31, 2019 prior to adjustments. 3151.SO -600- 2SS1.S Required: a. Compute bad debts expense that will be recorded for 2019. (Round to nearest whole dollar.) b. What is the amount of net accounts receivable to be reported on Quebec Market's December 31, 2019 balance sheet? oes'Ril 2,551.50 ।।ऽ १५४, ऽ०
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Assignment 5
(Due: Sunday, 10/6, 11:00 PM CST)
Accounts Receivable Aging Method
1.
Quebec Market reports the following analysis of potential losses in its accounts receivable:
Receivable
Balance
Age Past Due
0-30 days past due
Estimated
Loss (%)
0.5% 336
1.8% S0
$67,200
31-60 days past due
30,000
61-90 days past due
dustiy
18,000
4.3%
Over 90 days past due
3,300
ISO1.50
ALComas
45.5%
Total
$118,500
3IST.SO
The balance of Allowance for Doubtful Accounts is $600 credit balance on December 31, 2019 prior to
adjustments.
3151.SO -600- 2SS1.S
Required:
a. Compute bad debts expense that will be recorded for 2019. (Round to nearest whole dollar.)
b. What is the amount of net accounts receivable to be reported on Quebec Market's December 31, 2019
balance sheet?
oes'Ril
2,551.50
।।ऽ १५४, ऽ०
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