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

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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