Sheffield Corp. has accounts receivable of $94,400 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,115 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Balance, March 31 Estimated Percentage Age of Accounts 2022 2021 Uncollectible Current $64,400 $81,960 2 % 1-30 days past due 13,300 7,240 31-90 days past due 9,100 2,260 30 Over 90 days past due 7,600 1,010 50 $94,400 $92,470

Sheffield Corp. has accounts receivable of $94,400 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,115 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Balance, March 31 Estimated Percentage Age of Accounts 2022 2021 Uncollectible Current $64,400 $81,960 2 % 1-30 days past due 13,300 7,240 31-90 days past due 9,100 2,260 30 Over 90 days past due 7,600 1,010 50 $94,400 $92,470

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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