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. $2,700 $2,700 Account Co. $5,000 $5,000 ... ... ... ... ... ... ... ZZZ Corp. $5,300 $5300 Subtotals $811,500 $490,400 $170,900 $80,800 $45,300 $24,100 Customer Balance Due Date Days Past Due Buffalo-B Inc. $12,000 July 10 Doodle-Do Co. $7,400 Sept. 12 Le'Veon Corp. $16,600 Oct. 24 Vinny Industries $9,500 Nov. 14 We-Win Company $22,600 Dec. 10 Not Past Due Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 Over 90 Abbott Inc. $2,700 $2,700 Account Co. $5,000 $5,000 ... ... ... ... ... ... ... ZZZ Corp. $5,300 $5300 Subtotals $811,500 $490,400 $170,900 $80,800 $45,300 $24,100 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. $2,700 $2,700 Account Co. $5,000 $5,000 ... ... ... ... ... ... ... ZZZ Corp. $5,300 $5300 Subtotals $811,500 $490,400 $170,900 $80,800 $45,300 $24,100 Customer Balance Due Date Days Past Due Buffalo-B Inc. $12,000 July 10 143 Doodle-Do Co. $7,400 Sept. 12 78 Le'Veon Corp. $16,600 Oct. 24 37 Vinny Industries $9,500 Nov. 14 16 We-Win Company $22,600 Dec. 10 Not Past Due Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 Over 90 Abbott Inc. $2,700 $2,700 Account Co. $5,000 $5,000 ... ... ... ... ... ... ... ZZZ Corp. $5,300 $5300 Subtotals $811,500 $490,400 $170,900 $80,800 $45,300 $24,100 Buffalo-B Inc. 12,000.00 12,000.00 Doodle-Do Co. 7,400.00 7,400.00 Le'Veon Corp. 16,600.00 16,600.00 Vinny Industries 9,500.00 9,500.00 We-Win Company 22,600.00 22,600.00 TOTALS 879,600.00 513,000.00 180,400.00 97,400.00 52,700.00 36,100.00
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 879,600 513,000 180,400 97,400 52,700 36,100 Percent Uncollectible 1 4 15 35 60 Allowance for Doubtful Accounts 67,061 5,130 7,216 14,610 18,445 21,660