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b. Calculate bad debt On December 31, after many attempts at collecting the outstanding balance of Copper Gallery, the controller decided to write off that balance. Aylmer calculates bad debt on trade receivables only, not on project receivables. Bad debt is estimated to be: 0-30 days 31 – 60 days 5.50% 61 – 90 days 7.50% 91 – 120 days 10.00% Over 120 days 16.00% 1.30% In the Excel spreadsheet, see the tab labelled “Trade Accounts Receivable Detail" to perform any necessary calculations.

b. Calculate bad debt On December 31, after many attempts at collecting the outstanding balance of Copper Gallery, the controller decided to write off that balance. Aylmer calculates bad debt on trade receivables only, not on project receivables. Bad debt is estimated to be: 0-30 days 31 – 60 days 5.50% 61 – 90 days 7.50% 91 – 120 days 10.00% Over 120 days 16.00% 1.30% In the Excel spreadsheet, see the tab labelled “Trade Accounts Receivable Detail" to perform any necessary calculations.

FINANCIAL ACCOUNTING
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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b. Calculate bad debt On December 31, after many attempts at collecting the outstanding balance of Copper Gallery, the controller decided to write off that balance. Aylmer calculates bad debt on trade receivables only, not on project receivables. Bad debt is estimated to be: 0-30 days 31 – 60 days 5.50% 61 – 90 days 7.50% 91 – 120 days 10.00% Over 120 days 16.00% 1.30% In the Excel spreadsheet, see the tab labelled “Trade Accounts Receivable Detail" to perform any necessary calculations.
Transcribed Image Text:b. Calculate bad debt On December 31, after many attempts at collecting the outstanding balance of Copper Gallery, the controller decided to write off that balance. Aylmer calculates bad debt on trade receivables only, not on project receivables. Bad debt is estimated to be: 0-30 days 31 – 60 days 5.50% 61 – 90 days 7.50% 91 – 120 days 10.00% Over 120 days 16.00% 1.30% In the Excel spreadsheet, see the tab labelled “Trade Accounts Receivable Detail" to perform any necessary calculations.
Customer Name Total Due 0-30 Days 31-60 days 61-90 days 91-120 days Over 120 4210119 Ont Ltd 161,181 55,894 50,199 50,094 4,994 43rd Street Place 6,625 6,494 131 6 Star Services 9900 International Corp 31,310 50,981 65,944 65,675 30,699 3,666 100,792 49,811 A1 Distributions 130,734 62,902 944 944 Aylmer Enterprises 77,818 74,586 3,232 Booktime Services 99,797 99,643 154 Вox Tоp Inc 49,049 2,942 13,031 13,031 13,031 9,956 Briar Forest Corp 1,443 1,499 Cavhill Industries 122,223 61,999 60,113 111 Colborne Corp Copper Gallery Dairy Ashford Corp 1,313 1,313 18,540 18,540 write off as indicated in notes 6,499 6,499 Demilo Inc 83,336 36,785 39,941 6,610 Dustin Enterprises 190,811 64,452 64,161 60,644 1,554 Greenway Place 64,873 31,548 31,661 1,664 Grosvenor Limited 13,877 6,844 7,033 Houston Consultants 48,464 1,319 10,699 36,446 Jesse Blackstone 22,680 9,846 9,846 1,494 1,494 Joseph Company 101,407 31,599 36,510 32,649 649 Lawrence Brothers 58,561 18,846 19,844 19,460 411 Mapleton Express 19,048 18,936 112 OKC Limited 23,376 9,856 9,856 3,664 Oxford Distributing 20,535 9,884 10,651 Paper Brands 105,790 12,636 9,664 36,944 46,546 Plaid Corp 38,631 12,500 12,500 12,500 131 1,000 Quality Logistics 24,565 2,131 2,236 2,066 1,691 16,441 TC Jester 100,665 49,666 49,666 1,333 Wellington Limited 138,144 65,478 72,666 Westella Drive LTD 14,410 6,944 6,411 1,055 Woodplank Inc. 1,065 1,065 Yellow Street Ltd 1,328 664 664 Zephyr Limited 636 318 318 TOTAL 1,915,390 859,389 662,712 283,942 70,747 38,600
Transcribed Image Text:Customer Name Total Due 0-30 Days 31-60 days 61-90 days 91-120 days Over 120 4210119 Ont Ltd 161,181 55,894 50,199 50,094 4,994 43rd Street Place 6,625 6,494 131 6 Star Services 9900 International Corp 31,310 50,981 65,944 65,675 30,699 3,666 100,792 49,811 A1 Distributions 130,734 62,902 944 944 Aylmer Enterprises 77,818 74,586 3,232 Booktime Services 99,797 99,643 154 Вox Tоp Inc 49,049 2,942 13,031 13,031 13,031 9,956 Briar Forest Corp 1,443 1,499 Cavhill Industries 122,223 61,999 60,113 111 Colborne Corp Copper Gallery Dairy Ashford Corp 1,313 1,313 18,540 18,540 write off as indicated in notes 6,499 6,499 Demilo Inc 83,336 36,785 39,941 6,610 Dustin Enterprises 190,811 64,452 64,161 60,644 1,554 Greenway Place 64,873 31,548 31,661 1,664 Grosvenor Limited 13,877 6,844 7,033 Houston Consultants 48,464 1,319 10,699 36,446 Jesse Blackstone 22,680 9,846 9,846 1,494 1,494 Joseph Company 101,407 31,599 36,510 32,649 649 Lawrence Brothers 58,561 18,846 19,844 19,460 411 Mapleton Express 19,048 18,936 112 OKC Limited 23,376 9,856 9,856 3,664 Oxford Distributing 20,535 9,884 10,651 Paper Brands 105,790 12,636 9,664 36,944 46,546 Plaid Corp 38,631 12,500 12,500 12,500 131 1,000 Quality Logistics 24,565 2,131 2,236 2,066 1,691 16,441 TC Jester 100,665 49,666 49,666 1,333 Wellington Limited 138,144 65,478 72,666 Westella Drive LTD 14,410 6,944 6,411 1,055 Woodplank Inc. 1,065 1,065 Yellow Street Ltd 1,328 664 664 Zephyr Limited 636 318 318 TOTAL 1,915,390 859,389 662,712 283,942 70,747 38,600
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