The following represents the aging of contributions receivable for McKenzie Health Foundation for the historical years ended June 30, 2020, 2019, 2018, 2017, 2016, and 2015. Contributions receivable vary significantly by year; however, contribution revenue has been fairly stable over the five-year period. Fiscal Year-End 6/30/20206/30/20196/30/20186/30/20176/30/20166/30/2015Total contributions receivable$1,003,900$1,225,650$913,550$1,907,700$625,800$483,750Allowance for uncollectible contributions31,68940,10029,32768,87021,90319,530Total contribution revenue20,066,85020,960,89519,094,52521,011,34020,879,86020,571,300Aging of contributions receivable 0–30 days$546,000$394,800$457,800$1,547,700$625,800$456,75031–60 days23,400383,400261,000360,000027,00061–90 days389,500447,450194,750000>90 days45,00000000 $1,003,900$1,225,650$913,550$1,907,700$625,800$483,750a) Prepare a report showing the allowance as a percentage of receivables and receivables as a percentage of contribution revenue. Round percentages to one decimal. Fiscal Year-End 6/30/20206/30/20196/30/20186/30/20176/30/20166/30/2015Allowance as a percentage of receivablesAnswer Answer Answer Answer Answer Answer Receivables as a percentage of contribution revenueAnswer Answer Answer Answer Answer Answer b) Prepare a report showing the percentage of receivables in each aging category. Round percentages to one decimal. Fiscal Year-End 6/30/20206/30/20196/30/20186/30/20176/30/20166/30/2015Aging of contributions receivable 0–30 daysAnswer Answer Answer Answer Answer Answer 31–60 daysAnswer Answer Answer Answer Answer Answer 61–90 daysAnswer Answer Answer Answer Answer Answer >90 daysAnswer Answer

Comparision with other Data :— Paired Comparison Analysis (also known as Pairwise Comparison) helps…

Answered: Prepare a report showing the allowance…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

100%

The following represents the aging of contributions receivable for McKenzie Health Foundation for
the historical years ended June 30, 2020, 2019, 2018, 2017, 2016, and 2015. Contributions receivable
vary significantly by year; however, contribution revenue has been fairly stable over the five-year
period.

	Fiscal Year-End
	6/30/2020	6/30/2019	6/30/2018	6/30/2017	6/30/2016	6/30/2015
Total contributions receivable	$1,003,900	$1,225,650	$913,550	$1,907,700	$625,800	$483,750
Allowance for uncollectible contributions	31,689	40,100	29,327	68,870	21,903	19,530
Total contribution revenue	20,066,850	20,960,895	19,094,525	21,011,340	20,879,860	20,571,300
Aging of contributions receivable
0–30 days	$546,000	$394,800	$457,800	$1,547,700	$625,800	$456,750
31–60 days	23,400	383,400	261,000	360,000	0	27,000
61–90 days	389,500	447,450	194,750	0	0	0
>90 days	45,000	0	0	0	0	0
	$1,003,900	$1,225,650	$913,550	$1,907,700	$625,800	$483,750

a) Prepare a report showing the allowance as a percentage of receivables and receivables as a
percentage of contribution revenue.
Round percentages to one decimal.

	Fiscal Year-End
	6/30/2020	6/30/2019	6/30/2018	6/30/2017	6/30/2016	6/30/2015
Allowance as a percentage of receivables	Answer	Answer	Answer	Answer	Answer	Answer
Receivables as a percentage of contribution revenue	Answer	Answer	Answer	Answer	Answer	Answer

b) Prepare a report showing the percentage of receivables in each aging category.
Round percentages to one decimal.

	Fiscal Year-End
	6/30/2020	6/30/2019	6/30/2018	6/30/2017	6/30/2016	6/30/2015
Aging of contributions receivable
0–30 days	Answer	Answer	Answer	Answer	Answer	Answer
31–60 days	Answer	Answer	Answer	Answer	Answer	Answer
61–90 days	Answer	Answer	Answer	Answer	Answer	Answer
>90 days	Answer	Answer

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions