### 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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Blossom Company has accounts receivable of $92,000 at March 31, 2025. Credit terms are 2/10, n/30. At March 31, 2025, there is a $2,200 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 2025 2024 Uncollectible Current $61,600 $78,910 2 % 1-30 days past due 14,100 7,420 5 31-90 days past due 9,500 2,280 31 Over 90 days past due 6,800 1,200 52 $92,000 $89,810 Determine the total estimated uncollectibles at March 31, 2025. Total estimated uncollectibles Touth
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