Age ClassPercent UncollectibleNot past due1%1-30 days past due2 31-60 days past due12 61-90 days past due32 91-120 days past due38 Over 120 days past due82 Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable clerk for Wig Creations prepared the following partiallycompleted aging of receivables schedule as of the end of business on December 31, 20Y7:NotDays Past DuePastCustomerBalanceDue1-3031-6061-9091-120Over 120АВС Веauty21,00021,000Angel Wigs7,3007,300Zodiac Beauty3,7003,700Subtotals1,283,500744,500280,800129,50035,90015,00077,800The following accounts were unintentionally omitted from the aging schedule. Assume all due dates are for the current year except for Visions Hair & Nail, which is due in the next year.CustomerDue DateBalanceArcade BeautyAug. 17$5,000Creative ImagesOct. 305,300Excel Hair ProductsJuly 38,700First Class Hair CareSept. 86,700Golden ImagesNov. 233,100Oh That HairNov. 292,300One Stop Hair DesignsDec. 76,700Visions Hair & NailJan. 114,700 Wig Creations CompanyAging of Receivables ScheduleDecember 31, 20Y7Not PastDays PastDays PastDays PastDays PastDays PastBalanceDueDue 1-30Due 31-60Due 61-90Due 91-120Due Over 120CustomerАВС Веauty21,00021,000Angel Wigs7,3007,300Zodiac Beauty3,7003,700Subtotals1,283,500744,500280,800129,50035,90015,00077,800Arcade BeautyCreative ImagesExcel Hair ProductsFirst Class Hair CareGolden ImagesOh That HairOne Stop Hair DesignsVisions Hair & NailTotalsPercent uncollectible (%)%%%%%%Estimate of uncollectible accounts $2$%24

Uncollectible Receivables:-Receivables which are not going to receive in the future, the company…

Wig Creations Company Aging of Receivables Schedule December 31, 20Y7 Not Past Days Past Days Past Days Past Days Past Days Pa Balance Due Due 1-30 Due 31-60 Due 61-90 Due 91-120 Due Over 1 Customer АВС Веauty 21,000 21,000 Angel Wigs 7,300 7,300 Zodiac Beauty 3,700 3,700 Subtotals 1,283,500 744,500 280,800 129,500 35,900 15,000 77,800 Arcade Beauty Creative Images Excel Hair Products First Class Hair Care Golden Images Oh That Hair One Stop Hair Designs Visions Hair & Nail Totals Percent uncollectible (%) % % % % % Estimate of uncollectible accounts $ $ $ $

Wig Creations Company Aging of Receivables Schedule December 31, 20Y7 Not Past Days Past Days Past Days Past Days Past Days Pa Balance Due Due 1-30 Due 31-60 Due 61-90 Due 91-120 Due Over 1 Customer АВС Веauty 21,000 21,000 Angel Wigs 7,300 7,300 Zodiac Beauty 3,700 3,700 Subtotals 1,283,500 744,500 280,800 129,500 35,900 15,000 77,800 Arcade Beauty Creative Images Excel Hair Products First Class Hair Care Golden Images Oh That Hair One Stop Hair Designs Visions Hair & Nail Totals Percent uncollectible (%) % % % % % Estimate of uncollectible accounts $ $ $ $

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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Table A Owes Not Due Yet 1-30 days late 31-60 Cust A $7,000 $3,000 $2,000 $1,000 Cust B $6,500 $4,000 Cust C $12,000 $1,000 $5,000 61-90 90+ $2,000 $5,000 $1,000 $1,500 Table B Historical Default Classes and Rates NDY 1-30 31-60 61-90 90+ 3% 7% 15% 20% 60% Table A lists the current customers of your company and how much they owe. Table B summarizes the historical Accounts Receivables classifications and their default percentages in 2021 of your company. You, as a Junior Accountant, are asked to perform a Aging Schedule by your supervisor. Calculate the amount you need to record in the Bad Debt Expense line based on the historical default percentages. (Do not use the $ sign. If your answer is $123,456.78, enter 123456.78)
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QUESTION 8 FICA Rate (Social Security + Medicare Withholding) 7.65% (6.2% + 1.45%) 7.65% (6.2% + 1.45%) Employee Employer 15.3% Self-Employed (12.4% + 2.9%) Note: For employed wage earners, their Social Security portion is 6.2% on earnings up to the taxable maximum. Their Medicare portion is 1.45% on all earnings. Based on the above schedule, if Rosa owns a small hair salon, what is her FICA rate? O 7.65% O Her rate is dependent upon her taxable income bracket O 15.3% O 6.2%
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Aneesh Bird Cope DeSpears Others Estimated percentage uncollectible Total estimated uncollectibles (a) Customer (b) No. Total (1) $ 23,400 36,100 56,000 35,000 Date Not Yet Due $ 41,518 $36,100 5,100 125,100 94,600 $275,600 $135,800 3% $ 4,074 1-30 $10,600 $12,800 5,500 15,500 Account Titles and Explanation Number of Days Past Due 7% $2,212 31-60 15,000 $31,600 $27,800 $45,400 At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $11,500. 61-90 12% $45,400 24% $3,336 $ 10,896 Journalize the following events and transactions in the year 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Over 90 (1) March 1, a $1,100 customer balance originating in 2021 is judged uncollectible. (2) May 1, a check for $1,100 is received from the customer whose account was written off as uncollectible on March 1.…
Year 2 5678 A WN 3 4 3-Year 33.33% 44.45 14.81 7.41 Property Class 5-Year 20.00% 32.00 19.20 11.52 11.52 5.76 7-Year 14.29% 24.49 17.49 12.49 8.93 8.92 8.93 4.46
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Age Class	Percent Uncollectible
Not past due	1	%
1-30 days past due	2
31-60 days past due	12
61-90 days past due	32
91-120 days past due	38
Over 120 days past due	82