Estimating Uncollectible Accounts and Reporting Accounts ReceivableLaFond 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 EstimatedReceivable Loss %$ 90,00020,00011,0006,000Over 180 days past due4,000Total accounts receivable $ 131,000Age Group0-30 days past due31-60 days past due61-120 days past due121-1802964The balance of the allowance for uncollectible accounts is $520 on December 31, before any adjustments.TransactionRecord bad debts expense51025(a) What amount of bad debts expense will LaFond report in its income statement for the year?$0Cash 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.NoncashAssetsBalance SheetLiabilitiesContributedCapital(c) What is the balance of accounts receivable on it December 31 balance sheet?$0xEarnedCapitalRevenue0✓Income StatementExpenses0 xNet Income

stimating Uncollectible Accounts and Reporting Accounts Receivable aFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollect Age Group 0-30 days past due 31-60 days past due 51-120 days past due 21-180 Over 180 days past due Total accounts receivable Accounts Estimated Receivable Loss% $ 90,000 20,000 11,000 6,000 4,000 $131.000 he balance of the allowance for uncollectible accounts is $520 on December 31, before any adjustments. 296 4 5 10 25 ) What amount of bad debts expense will LaFond report in its income statement for the year? ) Use the financial statement effects template to record LaFond's bad debts expense for the year. se negative signs with your answers, when appropriate. Transaction Record bad debts expense Cash Asset Noncash Assets 0x Balance Sheet Liabilities Contributed Capital What is the balance of accounts receivable on it December 31 balance sheet? 0 Earned Capital Revenue 0 Income Statement Expenses 0 x Net Income

stimating Uncollectible Accounts and Reporting Accounts Receivable aFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollect Age Group 0-30 days past due 31-60 days past due 51-120 days past due 21-180 Over 180 days past due Total accounts receivable Accounts Estimated Receivable Loss% $ 90,000 20,000 11,000 6,000 4,000 $131.000 he balance of the allowance for uncollectible accounts is $520 on December 31, before any adjustments. 296 4 5 10 25 ) What amount of bad debts expense will LaFond report in its income statement for the year? ) Use the financial statement effects template to record LaFond's bad debts expense for the year. se negative signs with your answers, when appropriate. Transaction Record bad debts expense Cash Asset Noncash Assets 0x Balance Sheet Liabilities Contributed Capital What is the balance of accounts receivable on it December 31 balance sheet? 0 Earned Capital Revenue 0 Income Statement Expenses 0 x Net Income

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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