Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of the percentage of uncollectible accounts in each age category are as follows:Age ClassNot past due1-30 days past due31-60 days past due61-90 days past due91-180 days past dueOver 180 days past dueAge ClassNot past due1-30 days past due31-60 days past due61-90 days past dueBalance$578,00063,60028,90020,80015,00011,000$717,30091-180 days past dueOver 180 days past dueTotalEstimate what the proper balance of the allowance for doubtful accounts should be as of December 31.EstimatedEstimatedPercent Uncollectible1/2%3716Balance$578,00063,60028,90020,80015,00011,000$717,3004275Uncollectible Accounts Uncollectible AccountsAmountPercent1/2%37164275

Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of the percenta Balance $578,000 63,600 28,900 20,800 15,000 11,000 $717,300 Age Class Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-180 days past due Over 180 days past due Age Class Percent Uncollectible Balance 1/2% 3 7 Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31. Estimated Estimated 16 42 75 Uncollectible Accounts Uncollectible Accounts Percent Amount

Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of the percenta Balance $578,000 63,600 28,900 20,800 15,000 11,000 $717,300 Age Class Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-180 days past due Over 180 days past due Age Class Percent Uncollectible Balance 1/2% 3 7 Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31. Estimated Estimated 16 42 75 Uncollectible Accounts Uncollectible Accounts Percent Amount

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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Estimating Doubtful Accounts Performance Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of the percentage of uncollectible accounts in each age category are as follows: Estimate the proper balance of the allowance for doubtful accounts should be as of December 31. Performance Bike Co. Estimation of Uncollectible Accounts December 31 Estimated Uncollectible Age Interval Balance Accounts Percent Not past due $888,000 1/2% 1-30 days past due 97,700 2 31-60 days past due 44,400 7 61-90 days past due 32,000 18 91-180 days past due 23,100 42 Over 180 days past due 16,900 65 Total $1,102,100 Estimated Uncollectible Accounts Amount
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Aging of Receivables; Estimating Allowance for Doubtful Accounts Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable clerk for Wig Creations prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 20Y7: Not Days Past Due Past Customer Balance Due 1-30 31-60 61-90 91-120 Over 120 АВС Веauty 19,000 19,000 Angel Wigs 7,100 7,100 Zodiac Beauty 3,500 3,500 Subtotals 1,316,900 752,700 299,000 128,300 39,800 16,400 80,700 The following accounts were unintentionally omitted from the aging schedule. Assume all due dates are for the current year except for Visions Hair & Nail, which is due in the next year. Customer Due Date Balance Arcade Beauty Aug. 17 $5,300 Creative Images Oct. 30 4,700 Excel Hair Products July 3 8,500 First Class Hair Care Sept. 8 6,700 Golden Images Nov. 23 3,300 Ob That Eair Nov 2O
Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of the percentage of uncollectible accounts in each age category are given below. Estimated Uncollectible Estimated Uncollectible Age Interval Balance Accounts Percent Accounts Amount Not past due $500,000 3/4 % $3,750 1-30 days past due 55,000 4 2,200 31-60 days past due 25,000 6 1,500 61-90 days past due 18,000 14 2,520 91-180 days past due 13,000 42 5,460 Over 180 days past due 9,500 70 6,650 Total $620,500 $22,080 Assume that the allowance for doubtful accounts for Outlaw Bike Co. had a debit balance of $3,975 as of December 31. Journalize the adjusting entry for uncollectible accounts as of December 31.
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Estimating Doubtful Accounts Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company’s accounts receivable on December 31, and a historical analysis of the percentage of uncollectible accounts in each age category are as follows: Age Class Balance Percent Uncollectible Not past due $532,000 1/2 % 1–30 days past due 58,500 4 31-60 days past due 26,600 6 61–90 days past due 19,200 14 91–180 days past due 13,800 41 Over 180 days past due 10,100 80 $660,200 Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31. Age Class Balance PercentUncollectible Estimated UncollectibleAccounts Amount Not past due $532,000 1/2% $fill in the blank 1 1-30 days past due 58,500 4 fill in the blank 2 31-60 days past due 26,600 6 fill in the blank 3 61-90 days past due 19,200 14 fill in the blank 4 91-180 days past due 13,800 41 fill in the blank 5 Over 180…
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ment/chec Show Me How Print Item Estimating Doubtful Accounts Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31, and a historical añalysis of the percentage of uncollectible accounts in each age category are as follows: Percent Age Class Balance Uncollectible Not past due $782,000 1/2 % 1-30 days past due 86,000 4 31-60 days past due 39,100 7 61-90 days past due 28,200 18 91-180 days past due 20,300 41 Over 180 days past due 14,900 80 $970,500 Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31. Percent Estimated Uncollectible Age Class Balance Uncollectible Accounts Amount Not past due $782,000 1/2% 1-30 days past due 86,000 4 31-60 days past due 39,100 7
Entry for Uncollectible Accounts Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of the percentage of uncollectible accounts in each age category are given below. Age Interval Balance Estimated UncollectibleAccounts Percent Estimated UncollectibleAccounts Amount Not past due $902,000 3/4 % $6,765 1-30 days past due 99,200 2 1,984 31-60 days past due 45,100 6 2,706 61-90 days past due 32,500 18 5,850 91-180 days past due 23,500 42 9,870 Over 180 days past due 17,100 65 11,115 Total $1,119,400 $38,290 Assume that the allowance for doubtful accounts for Outlaw Bike Co. had a debit balance of $6,890 as of December 31. Journalize the adjusting entry for uncollectible accounts as of December 31. Dec. 31 - Select - - Select -