Help help me with calculation. During a recent year, the Wine Depot had sales of account of $1,601,542, collection of $1,523,541, write-offs of $23,487, a beginning balance in a beginning balance in accounts receivables of $758,271, and a beginning balance I nthe allowance for uncollectible accounts of $25,121. and biginnig. At year end, $734,539 of accounts receivables were current, $45,812 were 0-30 days past due. $21,012 were over 31-60 days past due, $6,422 were 61-90 days past due, and $5,000 were over 90 days past due. The company believes 2.1 percent of sales wil not be collected. They also have experience that suggests that 3 percent of all current recivables, 8 percent of receivables 0-30 days past due, 15 percent of receivables 31-60 days past due, 20 percent of receivables 61-90 days past due, and 40 perecent of receivables over 90 days past due will not be collected. Required : complete the allowance for uncollectible acount analys for both standard methods,
Help help me with calculation. During a recent year, the Wine Depot had sales of account of $1,601,542, collection of $1,523,541, write-offs of $23,487, a beginning balance in a beginning balance in accounts receivables of $758,271, and a beginning balance I nthe allowance for uncollectible accounts of $25,121. and biginnig. At year end, $734,539 of accounts receivables were current, $45,812 were 0-30 days past due. $21,012 were over 31-60 days past due, $6,422 were 61-90 days past due, and $5,000 were over 90 days past due. The company believes 2.1 percent of sales wil not be collected. They also have experience that suggests that 3 percent of all current recivables, 8 percent of receivables 0-30 days past due, 15 percent of receivables 31-60 days past due, 20 percent of receivables 61-90 days past due, and 40 perecent of receivables over 90 days past due will not be collected. Required : complete the allowance for uncollectible acount analys for both standard methods,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Help help me with calculation. During a recent year, the Wine Depot had sales of account of $1,601,542, collection of $1,523,541, write-offs of $23,487, a beginning balance in |
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| a beginning balance in |
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| and biginnig. At year end, $734,539 of accounts receivables were current, $45,812 were 0-30 days past due. | ||||||||||||||||
| $21,012 were over 31-60 days past due, $6,422 were 61-90 days past due, and $5,000 were over 90 days past due. | ||||||||||||||||
| The company believes 2.1 percent of sales wil not be collected. They also have experience that suggests that 3 percent of all current recivables, 8 percent of receivables 0-30 days past due, 15 percent | ||||||||||||||||
| of receivables 31-60 days past due, 20 percent of receivables 61-90 days past due, and 40 perecent of receivables over 90 days past due will not be collected. | ||||||||||||||||
| Required : complete the allowance for uncollectible acount analys for both standard methods, |
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