Estimate the allowance for doubtful accounts, based on the aging of receivables schedule.References: The following accounts were unintentionally omitted from the aging schedule. Assume all due dates are for the current year except for Wolfe Sports, which is due in the next year.CustomerDue DateBalanceAdams Sports & FliesMay 22$5,100Blue Dun FliesOct. 105,400Cicada Fish Co.Sept. 298,200Deschutes SportsOct. 207,100Green River SportsNov. 73,000Smith River Co.Nov. 282,600Western Trout CompanyDec. 76,600Wolfe SportsJan. 204,900 Trophy Fish has a past history of uncollectible accounts by age category, as follows:Age ClassPercent UncollectibleNot past due 1%1–30 days past due331–60 days past due961–90 days past due3291–120 days past due41Over 120 days past due85 Instructions Chart of Accounts Starting Question Aging of Receivables Schedule Additional QuestionInstructionsTrophy Fish Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the western United States. The accounts receivable clerk for Trophy Fish prepared the following partcompleted aging of receivables schedule as of the end of business on December 31, 20Y4:1234567Customer9AAA OutfittersBrown Trout Fly Shop28 Zigs Fish AdventuresSubtotalsBalance20,700.007,100.00Pyyyyyyy43,900.001,307,400.00NotPastDue20,700.00756,200.00Days Past Due1-303,900.00292,000.00Days Past Due31-607,100.00118,400.00Days Past Due Days Past Due61-90~~~~~41,000.0091-120Journal18,100.00Days Past DueOver 120~~~~~81,700.00The following accounts were unintentionally omitted from the aging schedule. Assume all due dates are for the current year except for Wolfe Sports, which is due in the next year. Aging of Receivables Schedule2H3AAA Outfitters4 Brown Trout Fly Shop5796 Zigs Fish Adventures18Subtotals8 Adams Sports & FliesBlue Dun FliesCicada Fish Co.Deschutes SportsGreen River SportsSmith River Co.Western TroutCompanyWolfe Sports101611121314CustomerPTotalsPercentageuncollectibleEstimate ofuncollectibleBalance20,700.007,100.00P3,900.001,307,400.00Not Past Due20,700.00756,200.00December 31, 20Y4Days Past Due1-30CÓ TỪ3,900.00292,000.00Mkpl 1!Days Past Due31-6020077,100.00My Pop Sg d118,400.00Days Past Due61-90My Pay-Per-Pay41,000.00SabPeveryWATFORESonal QuestionDays Past Due91-120fePax Rady Pia18,100.00STADSpTOECRED2ne deJegyR= 4233820SeorveJournalDays Past DueOver 120PoRoRo Ro Ro81,700.00Sha

An accounting table known as an ageing of receivables schedule lists a company's accounts receivable…

Answered: Estimate the allowance for doubtful…

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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Question

Estimate the allowance for doubtful accounts, based on the aging of receivables schedule.

References:

The following accounts were unintentionally omitted from the aging schedule. Assume all due dates are for the current year except for Wolfe Sports, which is due in the next year.

Customer	Due Date	Balance
Adams Sports & Flies	May 22	$5,100
Blue Dun Flies	Oct. 10	5,400
Cicada Fish Co.	Sept. 29	8,200
Deschutes Sports	Oct. 20	7,100
Green River Sports	Nov. 7	3,000
Smith River Co.	Nov. 28	2,600
Western Trout Company	Dec. 7	6,600
Wolfe Sports	Jan. 20	4,900

Trophy Fish 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	9
61–90 days past due	32
91–120 days past due	41
Over 120 days past due	85

Instructions Chart of Accounts Starting Question Aging of Receivables Schedule Additional Question
Instructions
Trophy Fish Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the western United States. The accounts receivable clerk for Trophy Fish prepared the following part
completed aging of receivables schedule as of the end of business on December 31, 20Y4:
1
2
3
4
5
6
7
Customer
9
AAA Outfitters
Brown Trout Fly Shop
2
8 Zigs Fish Adventures
Subtotals
Balance
20,700.00
7,100.00
Pyyyyyyy4
3,900.00
1,307,400.00
Not
Past
Due
20,700.00
756,200.00
Days Past Due
1-30
3,900.00
292,000.00
Days Past Due
31-60
7,100.00
118,400.00
Days Past Due Days Past Due
61-90
~~~~~
41,000.00
91-120
Journal
18,100.00
Days Past Due
Over 120
~~~~~
81,700.00
The following accounts were unintentionally omitted from the aging schedule. Assume all due dates are for the current year except for Wolfe Sports, which is due in the next year.

Aging of Receivables Schedule
2
H
3
AAA Outfitters
4 Brown Trout Fly Shop
5
7
9
6 Zigs Fish Adventures
18
Subtotals
8 Adams Sports & Flies
Blue Dun Flies
Cicada Fish Co.
Deschutes Sports
Green River Sports
Smith River Co.
Western Trout
Company
Wolfe Sports
10
16
11
12
13
14
Customer
P
Totals
Percentage
uncollectible
Estimate of
uncollectible
Balance
20,700.00
7,100.00
P
3,900.00
1,307,400.00
Not Past Due
20,700.00
756,200.00
December 31, 20Y4
Days Past Due
1-30
CÓ TỪ
3,900.00
292,000.00
M
kpl 1!
Days Past Due
31-60
2007
7,100.00
My Pop Sg d
118,400.00
Days Past Due
61-90
My Pay-Per-Pay
41,000.00
Sab
Pevery
WAT
FORES
onal Question
Days Past Due
91-120
fe
Pax Rady Pia
18,100.00
STAD
Sp
TOE
CRE
D
2
ne de
Jegy
R
= 42338
20
Seor
ve
Journal
Days Past Due
Over 120
PoRoRo Ro Ro
81,700.00
Sha

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