Problem 8-5A (Part Level Submission) Sheridan Company uses the allowance method to estimate uncollectible accounts receivable. The unadjusted balance in Allowance for Doubtful Accounts is a debit of $4,000 The company produced the following information from aging its accounts receivable at year end. Complete the aging schedule and calculate the total estimated uncollectible accounts. (Round answers to 0 decimal places, e.g. 5,275.) Number of Days Outstanding Total 0-30 31-60 61-90 91-120 $80,000 $30,000 Accounts receivable Estimated % uncollectible Estimated uncollectible accounts $600,000 $370,000 $120,000 2% 5% 10% 30%
Problem 8-5A (Part Level Submission) Sheridan Company uses the allowance method to estimate uncollectible accounts receivable. The unadjusted balance in Allowance for Doubtful Accounts is a debit of $4,000 The company produced the following information from aging its accounts receivable at year end. Complete the aging schedule and calculate the total estimated uncollectible accounts. (Round answers to 0 decimal places, e.g. 5,275.) Number of Days Outstanding Total 0-30 31-60 61-90 91-120 $80,000 $30,000 Accounts receivable Estimated % uncollectible Estimated uncollectible accounts $600,000 $370,000 $120,000 2% 5% 10% 30%
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Problem 8-5A (Part Level Submission)
Sheridan Company uses the allowance method to estimate uncollectible accounts receivable. The unadjusted balance in Allowance for Doubtful Accounts is a debit of $4,000
The company produced the following information from aging its accounts receivable at year end. Complete the aging schedule and calculate the total estimated uncollectible accounts. (Round
answers to 0 decimal places, e.g. 5,275.)
Number of Days Outstanding
Total
0-30
31-60
61-90
91-120
$80,000
$30,000
Accounts receivable
Estimated % uncollectible
Estimated uncollectible accounts
$600,000
$370,000
$120,000
2%
5%
10%
30%
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