E Student Portal O WileyPLUS en.wileyplus.com/edugen/Iti/main.uni IS Kieso, Intermediate Accounting, 17e Help I System Announcements Problem 7-03 (Part Level Submission) CALCULATOR PRINTER VERSION 4BACK NEXT Cheyenne Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Cheyenne's Accounts Receivable account was $591,300 and Allowance for Doubtful Accounts had a credit balance of $40,920. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Probability Days Account Outstanding of Collection Amount Less than 16 days $312,600 0.97 Between 16 and 30 dayys 110,600 0.90 Between 31 and 45 days Between 46 and 60 days Between 61 and 75 days 87,800 0.86 42,600 0.82 21,900 0.57 Over 75 days (to be written off) 15,800 0.00 (a) x Your answer is incorrect. Try again. What is the appropriate balance for Allowance for Doubtful Accounts at year-end? 65615 Balance for Allowance for Doubtful Accounts LINK TO TEXT Activate Windows SAVE FOR LATER SUBMIT ANSWER Attempt 3 of 5 used 2:10 PM 4/5/2020 arch DOLL 898
E Student Portal O WileyPLUS en.wileyplus.com/edugen/Iti/main.uni IS Kieso, Intermediate Accounting, 17e Help I System Announcements Problem 7-03 (Part Level Submission) CALCULATOR PRINTER VERSION 4BACK NEXT Cheyenne Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Cheyenne's Accounts Receivable account was $591,300 and Allowance for Doubtful Accounts had a credit balance of $40,920. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Probability Days Account Outstanding of Collection Amount Less than 16 days $312,600 0.97 Between 16 and 30 dayys 110,600 0.90 Between 31 and 45 days Between 46 and 60 days Between 61 and 75 days 87,800 0.86 42,600 0.82 21,900 0.57 Over 75 days (to be written off) 15,800 0.00 (a) x Your answer is incorrect. Try again. What is the appropriate balance for Allowance for Doubtful Accounts at year-end? 65615 Balance for Allowance for Doubtful Accounts LINK TO TEXT Activate Windows SAVE FOR LATER SUBMIT ANSWER Attempt 3 of 5 used 2:10 PM 4/5/2020 arch DOLL 898
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 2CE: Tonis Tech Shop has total credit sales for the year of 170,000 and estimates that 3% of its credit...
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![E Student Portal
O WileyPLUS
en.wileyplus.com/edugen/Iti/main.uni
IS
Kieso, Intermediate Accounting, 17e
Help I System Announcements
Problem 7-03 (Part Level Submission)
CALCULATOR
PRINTER VERSION
4BACK
NEXT
Cheyenne Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Cheyenne's Accounts Receivable account was
$591,300 and Allowance for Doubtful Accounts had a credit balance of $40,920. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based
on the aging schedule shown below.
Probability
Days Account Outstanding
of
Collection
Amount
Less than 16 days
$312,600
0.97
Between 16 and 30 dayys
110,600
0.90
Between 31 and 45 days
Between 46 and 60 days
Between 61 and 75 days
87,800
0.86
42,600
0.82
21,900
0.57
Over 75 days (to be written off)
15,800
0.00
(a)
x Your answer is incorrect. Try again.
What is the appropriate balance for Allowance for Doubtful Accounts at year-end?
65615
Balance for Allowance for Doubtful Accounts
LINK TO TEXT
Activate Windows
SAVE FOR LATER
SUBMIT ANSWER
Attempt 3 of 5 used
2:10 PM
4/5/2020
arch
DOLL
898](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5e53c2e5-c0f4-4cbc-877e-da1f6b61f5a0%2F88003794-9a23-439a-b78e-e5e371991954%2Fy60vz11.jpeg&w=3840&q=75)
Transcribed Image Text:E Student Portal
O WileyPLUS
en.wileyplus.com/edugen/Iti/main.uni
IS
Kieso, Intermediate Accounting, 17e
Help I System Announcements
Problem 7-03 (Part Level Submission)
CALCULATOR
PRINTER VERSION
4BACK
NEXT
Cheyenne Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Cheyenne's Accounts Receivable account was
$591,300 and Allowance for Doubtful Accounts had a credit balance of $40,920. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based
on the aging schedule shown below.
Probability
Days Account Outstanding
of
Collection
Amount
Less than 16 days
$312,600
0.97
Between 16 and 30 dayys
110,600
0.90
Between 31 and 45 days
Between 46 and 60 days
Between 61 and 75 days
87,800
0.86
42,600
0.82
21,900
0.57
Over 75 days (to be written off)
15,800
0.00
(a)
x Your answer is incorrect. Try again.
What is the appropriate balance for Allowance for Doubtful Accounts at year-end?
65615
Balance for Allowance for Doubtful Accounts
LINK TO TEXT
Activate Windows
SAVE FOR LATER
SUBMIT ANSWER
Attempt 3 of 5 used
2:10 PM
4/5/2020
arch
DOLL
898
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