Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 5.3% uncollectible rate. Accounts more than 60 days are considered old and have a 42% uncollectible rate. If YOC has $125,000 of young accounts and $520,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? Amount to be reported?

Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 5.3% uncollectible rate. Accounts more than 60 days are considered old and have a 42% uncollectible rate. If YOC has $125,000 of young accounts and $520,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? Amount to be reported?

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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Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 3% uncollectible rate. Accounts more than 60 days are considered old and have a 40% uncollectible rate. Required: 1. If YOC has $108,000 of young accounts and $480,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? 2. If YOC's Allowance for Doubtful Accounts currently has an unadjusted credit balance of $48,000, how much should be credited to the account? 3. If YOC's Allowance for Doubtful Accounts has an unadjusted debit balance of $5,800, how much should be credited to the account? Answer is complete but not entirely correct. 1. Amount to be Reported 2$ 195,240 V 2. Amount to be Credited $ 195,240 x 3. Amount to be Credited 189,440 X
please provide the answer with explanation
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 5% uncollectible rate. Accounts more than 60 days are considered old and have a 40% uncollectible rate. Required: 1. If YOC has $118,000 of young accounts and $320,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? 2. If YOC's Allowance for Doubtful Accounts currently has an unadjusted credit balance of $32,000, how much should be credited to the account? 3. If YOC's Allowance for Doubtful Accounts has an unadjusted debit balance of $4,200, how much should be credited to the account? 1 Amount to be Reported 2. Amount to be Credited 3. Amount to be Credited
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 5% uncollectible rate. Accounts more than 60 days are considered old and have a 40% uncollectible rate. Required: 1. If YOC has $100,000 of young accounts and $400,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? 2. If YOC's Allowance for Doubtful Accounts currently has an unadjusted credit balance of $40,000, how much should be credited to the account? 3. If YOC's Allowance for Doubtful Accounts has an unadjusted debit balance of $5,000, how much should be credited to the account? 4. Explain how YOC's Allowance for Doubtful Accounts could have a debit balance
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts.Accounts less than 60 days are considered young and have a 5% uncollectible rate. Accounts morethan 60 days are considered old and have a 40% uncollectible rate.Required:1. If YOC has $100,000 of young accounts and $400,000 of old accounts, how much should bereported in the Allowance for Doubtful Accounts?2. If YOC’s Allowance for Doubtful Accounts currently has an unadjusted credit balance of$40,000, how much should be credited to the account?3. If YOC’s Allowance for Doubtful Accounts has an unadjusted debit balance of $5,000, howmuch should be credited to the account?4. Explain how YOC’s Allowance for Doubtful Accounts could have a debit balance
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 5% uncollectible rate. Accounts more than 60 days are considered old and have a 40% uncollectible rate. Required: If YOC has $118,000 of young accounts and $320,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? If YOC’s Allowance for Doubtful Accounts currently has an unadjusted credit balance of $32,000, how much should be credited to the account? If YOC’s Allowance for Doubtful Accounts has an unadjusted debit balance of $4,200, how much should be credited to the account?
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Meman
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Using the % of aging-of-accounts receivable to estimate uncollectible accounts, The Valley Corporation estimates a target balance of $10,626 of its total accounts receivable that will be uncollectible. Prior to adjustment, the Allowance for Uncollectible accounts has a credit balance of $3,000. When recording the journal entry to make this adjustment, what is the amount of the debit for bad debt expense? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f4 f5 f6 f7 f8 f9 f10 f11 E3 & 4. 5 7 8. T Y 61 16 R %24
Simple Things Company uses the aging method to estimate Accounts Receivable. The company's management estimates that uncollectible accounts will be $27,000. The Allowance for Bad Debts has a debit balance of $11,000 before the adjusting entry for bad debt expense. What will be the amount of bad debts expense reported on the income statement?