On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $15,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 820,000 328,000 65,600 32,800 13, 120 Accounts Receivable Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31. X Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles X X Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due X X Percent Uncollectible (#.##%) = Expected Percent Uncollectible 1.20% 1.95 6.45 = 32.50 67.00 Estimated Uncollectible

On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $15,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 820,000 328,000 65,600 32,800 13, 120 Accounts Receivable Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31. X Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles X X Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due X X Percent Uncollectible (#.##%) = Expected Percent Uncollectible 1.20% 1.95 6.45 = 32.50 67.00 Estimated Uncollectible

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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Table 5 On December 31, Grubbs Company has the following account balances Accounts receivable Allowance for doubtful accounts Net credit sales $330,000 $33,000. $37,500 $28,500 $32,500 4,500 credit 1,500,000 Assume again that Grubbs estimates that 10% of accounts receivable will be uncollectible. Under the percentage of receivables method (balance sheet method) the balance in allowance for doubtful accounts after adjustment would be:
The ADA has the below table regarding its account receivable: Age of Accounts Balance, June 30 Estimated Percentage Uncollectible 1-30 days $130,000 2.00% 31-60 days 70,000 5.00% 61-90 days 32,500 20.00% Over 90 days 3,000 50.00% If the opening balance of Allowance for Doubtful accounts is $7,050, the entries to record estimated uncollectible receivables this year will be: Select one: a. Bad debt expense $7,050 Allowance for doubtful accounts $7,050 b. Allowance for doubtful accounts $14,100 Account receivable $14,100 c. Bad debt expense $14,100 Allowance for doubtful accounts $14,100 d. Account receivable $7,100 Bad debt expense $7,100
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Required information Skip to question [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible $ 820,000 Not yet due 1.25% 328,000 1 to 30 days past due 2.00 65,600 31 to 60 days past due 6.50 32,800 61 to 90 days past due 32.75 13,120 Over 90 days past due 68.00 3. On June 30 of the next year, Jarden concludes that a customer’s $5,350 receivable is uncollectible and the account is written off. Does this write-off directly affect Jarden's net income?
Can I please get help with this question 7.8 On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible $ 820,000 Not yet due 1.30% 328,000 1 to 30 days past due 2.05 65,600 31 to 60 days past due 6.55 32,800 61 to 90 days past due 33.00 13,120 Over 90 days past due 69.00
On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Expected Percent Uncollectible Receivable $ 800,000 320,000 64, 000 32,000 12,800 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due 1.30% 2.05 6.55 33.00 69.00 Problem 7-3A (Algo) Part 3 3. On June 30 of the next year, Jarden concludes that a customer's $5,000 receivable is uncollectible and the account is written off. Does this write-off directly affect Jarden's net income? Does this write-off directly affect Jarden's net income?
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The allowance method of estimating uncollectible accounts receivable based on an analysis of receivables shows that $772 of accounts receivable are uncollectible. Allowance for Doubtful Accounts has a debit balance of $97. The adjusting entry at the end of the year will include a credit to Allowance for Doubtful Accounts in the amount of a.$97 b.$772 c.$869 d.$675
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Required information [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Expected Percent Accounts Receivable $ 830,000 254,000 86,000 38,000 12,000 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Uncollectible 1.258 2.00 6.50 32.75 68.00 3. On June 30 of the next year, Jarden concludes that a customer's $4,750 receivable is uncollectible and the account is written off. Does this write-off directly affect Jarden's net income? Does this write-off directly affect Jarden's net income?
Evers Industries has a past history of uncollectible accounts, as follows. Age Class Percent Uncollectible Not past due 3% 1–30 days past due 4 31–60 days past due 15 61–90 days past due 33 Over 90 days past due 86 Estimate the allowance for doubtful accounts, based on the aging of receivables information provided below. Evers Industries Estimate of Allowance for Doubtful Accounts 1 Days Past Due Days Past Due Days Past Due Days Past Due 2 Balance Not Past Due 1-30 31-60 61-90 Over 90 3 Total receivables 1,150,100.00 618,800.00 233,100.00 118,000.00 105,800.00 74,400.00 4 Percentage uncollectible 3.0% 4.0% 15.0% 33.0% 86.0% 5 Allowance for doubtful accounts