What is the average bad debt expense rate for “31-60 days” accounts?A. 10.38%C. 0.46%B. 41.80%D. 1.72% PROBLEM 5NINE, INC. estimates its bad debt losses by aging its accounts receivable. The agingscheduleaccounts receivable at2016.ofAge of Accounts0 - 30 days31 - 60 days61 - 90 days91 - 120 daysOver 120 daysDecember 31.below.AmountispresentedP 843,200461,000192.40076.65039.400Nine Inc.'s uncollectible accounts experience for the past 5 years are summarized in theA/R BalanceDec. 31P 1,312,500999,999465,000816,0001,24 3,6670- 30Days0.3%following schedule:61 - 90Days12%91 - 120Days38%41%31 - 60Over 120Year2015Days1.8%Days65%20140.5%1.6%11%70%20130.2%1.5%9%50%69%20120.4%1.7%10.2%47%81%20110.9%2.0%9.7%33%95%The balance of the allowance for bad debts account at December 31, 2016, (beforeadjustment) is P84,500.

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Description: What is the average bad debt expense rate for “31-60 days” accounts?A. 10.38%C. 0.46%B. 41.80%D. 1.72% PROBLEM 5NINE, INC. estimates its bad debt losses by aging its accounts receivable. The agingscheduleaccounts receivable at2016.ofAge of Accounts0

In this we have to calculate the average of bad in 31- 60 days.

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What is the average bad debt expense rate for “31-60 days” accounts? A. 10.38% C. 0.46% B. 41.80% D. 1.72%

Essentials Of Investments

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Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

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Entry for bad debt expenses
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Question 9 Concord Company provides for bad debt expense at the rate of 3% of accounts receivable. The following data are available for 2018: Allowance for doubtful accounts, 1/1/18 (Cr.) $ 11300 Accounts written off as uncollectible during 2018 10400 Ending accounts receivable 1204000 The Allowance for Doubtful Accounts balance at December 31, 2018, should be $37020. $900. $36120. $35220.
Which of the following interest rate rates do most credit card companies stay in? A. 1-7 % B. 8-13 % C. 30-40 % D. 14-29 %
1 F QUESTION 4 Ava Company sets bad debt expense at 2 percent of its sales. Ava reported total sales of $ 60,481. Before the adjustment, Ava had $731 credit balance in its allowance for doubtful accounts. How much bad debt expense did Ava report on its income statement?
Uncollectible Accounts-Percentage of Sales and Percentage of Receivables At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for Yang's Gift Shop was $30,000. Credit sales for the year were $355,200. Required: Make the necessary adjusting entry in general journal form under each of the following assumptions. Show the calculation for net realizable value. 1. Allowance for Doubtful Accounts has a credit balance of $330. a. The percentage of sales method is used and bad debt expense is estimated to be 2% of credit sales. Page: DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- 1 Dec. 31 88 Bad Debt Expense V 2 Allowance for Doubtful Accounts - 2. 3 Feedback Accounts receivable, December 31, 20-- Less allowance for doubtful accounts Net realizable value Feedback b. The percentage of receivables method is used and an analysis of the accounts produces an estimate of $6,950 in uncollectible accounts. Page: DOC. POST. NO. REF. DATE ACCOUNT…
8
Bad Debt Expense: Percentage of Credit Sales Method Bradford Plumbing had the following data for a recent year: Credit sales $547,900 Allowance for doubtful accounts, 1/1 (a credit balance) 8,740 Accounts receivable, 1/1 42,340 Collections on account receivable 489,770 Accounts receivable written off 14,250 Bradford estimates that 2.7% of credit sales will eventually default. Required: 1. Compute bad debt expense for the year (rounding to the nearest whole number).$fill in the blank 1 2. Determine the ending balances in accounts receivable and allowance for doubtful accounts. Ending Balance Accounts receivable $fill in the blank 2 Allowance for doubtful accounts $fill in the blank 3
Calculate the total estimated uncollectibles based on the below information. Accounts receivable % uncollectible Estimated Bad debts Total $307,100 $ 0-30 $100,200 1% $ 31-60 $65,900 4% Number of Days Outstanding $ 61-90 $59,800 5% 91-120 $44,600 8% $ Over 120 $36.600 20%
PA5. LO 9.2 The following accounts receivable information pertains to Luxury Cruises. Past-Due Category Accounts Receivable Total Percentage Uncollectible 0-30 days 31-90 days Over 90 days $1,166,350 577,870 324,450 15% 33% 48% A. Determine the estimated uncollectible bad debt for Luxury Cruises in 2018 using the balance sheet aging of receivables method. B. Record the year-end 2018 adjusting journal entry for bad debt. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $187,450; record the year-end entry for bad debt, taking this into consideration. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $206,770; record the year-end entry for bad debt, taking this into consideration. E. On January 24, 2019, Luxury Cruises identifies Landon Walker's account as uncollectible in the amount of $4,650. Record the entry for identification.
Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $16700. If the balance of the Allowance for Doubtful Accounts is $2070 credit before adjustment, what is the amount of bad debt expense for that period? $16700 $2070 $14630 $18770
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