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 Accounts Receivable Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of accounts receivable. Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles x Percent Uncollectible (#.##%) x Uncollectible 1.25% 2.00 6.50 32.75 68.00 = Estimated Uncollectible S 0

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 Accounts Receivable Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of accounts receivable. Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles x Percent Uncollectible (#.##%) x Uncollectible 1.25% 2.00 6.50 32.75 68.00 = Estimated Uncollectible S 0

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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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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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?
Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount Kim Abel $21,550 Lee Drake 33,925 Jenny Green 27,565 Mike Lamb 19,460 Total $102,500 The company prepared the following aging schedule for its accounts receivable on December 31: Aging Class (Numberof Days Past Due) Receivables Balanceon December 31 Estimated Percent ofUncollectible Accounts 0-30 days $715,000 1% 31-60 days 310,000 2 61-90 days 102,000 15 91-120 days 76,000 30 More than 120 days 97,000 60 Total receivables $1,300,000 a. Journalize the write-offs under the direct write-off method. If an amount box does not require an entry, leave it blank. b. Journalize the write-offs and the year-end…
The company estimates future uncollectible accounts. The company determines $16,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)
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Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollectible. Accounts Estimated Receivable Loss % $ 90,000 20,000 11,000 6,000 Over 180 days past due 4,000 Total accounts receivable $ 131,000 Age Group 0-30 days past due 31-60 days past due 61-120 days past due 121-180 296 4 The balance of the allowance for uncollectible accounts is $520 on December 31, before any adjustments. Transaction Record bad debts expense 5 10 25 (a) What amount of bad debts expense will LaFond report in its income statement for the year? $0 Cash Asset (b) Use the financial statement effects template to record LaFond's bad debts expense for the year. Use negative signs with your answers, when appropriate. Noncash Assets Balance Sheet Liabilities Contributed Capital (c) What is the balance of accounts receivable on it December 31 balance…
This question uses the same facts as the previous question and is repeated for your convenience. The following information relates to Hanover Foods, Inc. for the year 20X1: Accounts receivable (January 1, 20X1) Credit sales during 20X1 Collections from credit customers during 20X1 Customer account written off as uncollectible during 20X1 Allowance for Doubtful (Uncollectible) Accounts $334,000 850,000 725,000 12,000 (this balance is given after writing-off uncollectible accounts and has a credit balance) Estimated uncollectible accounts based on aging analysis If the aging approach is used to estimate bad debts, what amount should be recorded as bad debts expense for 20X1? 1,700 13,200
Sipacore Ltd. has an Accounts Receivable amount of $363,700 and an unadjusted credit balance in Allowance for Expected Credit Losses of $8,600 at March 31. The company's accounts receivable and percentage estimates of uncollectible accounts are as follows: Number of Days Outstanding 0-30 (a) 31-60 61-90 Over 90 Total Your answer is correct. Age of Accounts 0-30 days 31-60 days Accounts Receivable $258,000 45,800 32,600 27,300 $363,700 61-90 days Over 90 days Prepare an aging schedule to determine the total estimated uncollectibles at March 31. Amount % $258,000 2% 45,800 10% 32,600 30% Estimated Percentage Uncollectible 27,300 50% 2% 10% 30% 50% Estimated Uncollectible 5160 4580 9780 13650 33170