### Accounts Receivable AnalysisSheffield Corp. has accounts receivable of $94,400 as of March 31, 2022. The credit terms are 2/10, n/30. As of March 31, 2022, there is a $2,115 credit balance in the Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis to estimate uncollectible accounts. Below are the company's estimates of bad debts.#### Bad Debt Estimates and Accounts Receivable| **Age of Accounts** | **Balance, March 31** | **Estimated Percentage Uncollectible** ||------------------------|--------------------|-------------------------------------|| | **2022** | **2021** | || Current | $64,400 | $81,960 | 2% || 1-30 days past due | 13,300 | 7,240 | 5% || 31-90 days past due | 9,100 | 2,260 | 30% || Over 90 days past due | 7,600 | 1,010 | 50% || **Total** | $94,400 | $92,470 | |#### Calculation Task(a) Determine the total estimated uncollectibles as of March 31, 2022.Formula: **Total estimated uncollectibles = Sum of (Each category's balance * Estimated percentage uncollectible)**Please input the total estimated uncollectibles below:The total estimated uncollectibles: **$ \_\_\_\_\_\_\_\_\_**---### Detailed Graph/Diagram Explanation**Table Explanation**:- **Current** represents receivables that are not past due.- **1-30 days past due** represents receivables that are between 1 and 30 days overdue.- **31-90 days past due** represents receivables that are between 31 and 90 days overdue.- **Over 90 days past due** represents receivables that are more than 90 days overdue.The table lists the balance of receivables for each category for the years 2022 and 2021 along with the estimated percentage that

Estimated uncollectible balance :— It is calculated by multiplying balance of accounts receivable…

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. Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due (a) Balance, March 31 2021 $81,960 7,240 2,260 2022 $64,400 13,300 9,100 7,600 $94.400 $92,470 1,010 The total estimated uncollectibles Estimated Percentage Uncollectible Determine the total estimated uncollectibles at March 31 2022 2 % 5 30 50

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. Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due (a) Balance, March 31 2021 $81,960 7,240 2,260 2022 $64,400 13,300 9,100 7,600 $94.400 $92,470 1,010 The total estimated uncollectibles Estimated Percentage Uncollectible Determine the total estimated uncollectibles at March 31 2022 2 % 5 30 50

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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CAN SOMEONE HELP ME FIGURE OUT THE TOTAL ESTIMATED UNCOLLECTIBIES AND THE BAD DEBIT EXPENSE ? Skysong Company has accounts receivable of $112,400 at March 31, 2020. Credit terms are 2/10, n/30. At March 31, 2020, there is a $1,500 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 estimate of bad debts is shown below.
Gray Corporation controls its cash by depositing receipts on a daily basis and making all disbursements by cheque. After all the posting for the month of August 2020 was completed, the cash balance in the general ledger account at the end of the month was $10,475. The bank statement for the month end received from the First National Bank showed the balance to be $18,000. The following data are available for the purpose of reconciling these balances: a. Cash receipts collected on August 31 amounting to $3,000 have been placed in the night depository and do not appear on the bank statement. b. Bank memos previously not available to the company are included with the bank statement. A memo for an NSF cheque, originally received as payment for an account receivable of $3,000, is included. A memo for bank charges of $75 for the NSF cheque is also included. Another memo advises the company that $2,000 Note Receivable has been collected by the bank, ($1,950 deposit and a bank charge of $50).…