Try another version of these questions The accounts receivable clerk for Maria Enterprises prepared the following partially completed aging of receivables schedule as of the end of business on November 30: The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above. Determine the number of days past due for each account and complete the aging of receivables by adding the omitted accounts. Maria Enterprises has a past history of uncollectible accounts. Estimate the allowance for doubtful accounts based on the aging of receivables below. Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 Over 90 Abbott Inc. $2,600 $2,600 Account Co. $4,300 $4,300 ... ... ... ... ... ... ... ZZZ Corp. $5,000 $5000 Subtotals $833,000 $497,900 $187,600 $79,300 $44,000 $24,200 Customer Balance Due Date Days Past Due Buffalo-B Inc. $11,100 July 4 Doodle-Do Co. $7,700 Sept. 8 Le'Veon Corp. $18,000 Oct. 25 Vinny Industries $10,600 Nov. 11 We-Win Company $23,800 Dec. 11 Not Past Due Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 Over 90 Abbott Inc. $2,600 $2,600 Account Co. $4,300 $4,300 ... ... ... ... ... ... ... ZZZ Corp. $5,000 $5000 Subtotals $833,000 $497,900 $187,600 $79,300 $44,000 $24,200 Buffalo-B Inc. Doodle-Do Co. Le'Veon Corp. Vinny Industries We-Win Company TOTALS Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 Over 90 Abbott Inc. $2,600 $2,600 Account Co. $4,300 $4,300 ... ... ... ... ... ... ... ZZZ Corp. $5,000 $5000 Subtotals $833,000 $497,900 $187,600 $79,300 $44,000 $24,200 Customer Balance Due Date Days Past Due Buffalo-B Inc. $11,100 July 4 149 Doodle-Do Co. $7,700 Sept. 8 82 Le'Veon Corp. $18,000 Oct. 25 36 Vinny Industries $10,600 Nov. 11 19 We-Win Company $23,800 Dec. 11 Not Past Due Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 Over 90 Abbott Inc. $2,600 $2,600 Account Co. $4,300 $4,300 ... ... ... ... ... ... ... ZZZ Corp. $5,000 $5000 Subtotals $833,000 $497,900 $187,600 $79,300 $44,000 $24,200 Buffalo-B Inc. 11,100.00 11,100.00 Doodle-Do Co. 7,700.00 7,700.00 Le'Veon Corp. 18,000.00 18,000.00 Vinny Industries 10,600.00 10,600.00 We-Win Company 23,800.00 23,800.00 TOTALS 904,200.00 521,700.00 198,200.00 97,300.00 51,700.00 35,300.00
Age Class
% Uncollectible
Not past due
1%
1 – 30 days past due
4%
31 – 60 days past due
15%
61 – 90 days past due
35%
Over 90 days past due
60%
Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 Over 90 Total receivables Percent Uncollectible Allowance for Doubtful Accounts Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 Over 90 Total receivables 904,200 521,700 198,200 97,300 51,700 35,300 Percent Uncollectible 1 4 15 35 60 Allowance for Doubtful Accounts 67,015 5,217 7,928 14,595 18,095 21,180