F. The records of Stedman Corp. included the following accounts, all of which are normal balances: Cash sales $1,200,000 900,000 180,000 200,000 3,000 5,000 Credit sales Balance in accounts receivable, 12/31/20 Balance in accounts receivable, 12/31/21 Balance in allowance for doubtful accounts, 12/31/20 Accounts written off as uncollectible during 2021 Stedman estimates bad debts as 2% of receivables at year end to be uncollectible. Write diuating ont

F. The records of Stedman Corp. included the following accounts, all of which are normal balances: Cash sales $1,200,000 900,000 180,000 200,000 3,000 5,000 Credit sales Balance in accounts receivable, 12/31/20 Balance in accounts receivable, 12/31/21 Balance in allowance for doubtful accounts, 12/31/20 Accounts written off as uncollectible during 2021 Stedman estimates bad debts as 2% of receivables at year end to be uncollectible. Write diuating ont

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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What is the Final amount of bad debts which to be debited for: Show all your workings, dont reject this is complete question only.
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Calculate the total estimated uncollectibles based on the below information. Accounts receivable % uncollectible Estimated Bad debts Total $307,100 $ 0-30 $100,200 1% $ 31-60 $65,900 4% Number of Days Outstanding $ 61-90 $59,800 5% 91-120 $44,600 8% $ Over 120 $36.600 20%
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