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nt was $555,000 and. ance of $4,000. ance sheet for on the 9ging schedule .90 85 80

nt was $555,000 and. ance of $4,000. ance sheet for on the 9ging schedule .90 85 80

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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P7.3(L03) (Bal-Debt Reporting-Aging) Manilow CorPoration Operates in an indystry that has a highratte of bad debts. Before any Year-end adjustments the balance in Manilow's Accounts Receivalble Account was $555,000 and Allowance for Doubtful Accounts had a credit balance of $40,000. Allowance for Doubtful Accounts Will be based on the 9ging schedule Shown below Days Account Outstan ding Less than 76 days Prob. of collection Between 31 and 45 days ,85 40,00 80 Between 61 and 75 days 9, What is the appropriate ba lance for Allowance for Doubt ful Accounts at year-end? Sheet. C.,
Transcribed Image Text:P7.3(L03) (Bal-Debt Reporting-Aging) Manilow CorPoration Operates in an indystry that has a highratte of bad debts. Before any Year-end adjustments the balance in Manilow's Accounts Receivalble Account was $555,000 and Allowance for Doubtful Accounts had a credit balance of $40,000. Allowance for Doubtful Accounts Will be based on the 9ging schedule Shown below Days Account Outstan ding Less than 76 days Prob. of collection Between 31 and 45 days ,85 40,00 80 Between 61 and 75 days 9, What is the appropriate ba lance for Allowance for Doubt ful Accounts at year-end? Sheet. C.,
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