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. $2,800 $2,800 Account Co. $4,300 $4,300 ... ... ... ... ... ... ... ZZZ Corp. $4,700 $4700 Subtotals $830,800 $508,200 $173,700 $79,000 $45,900 $24,000 Customer Balance Due Date Days Past Due Buffalo-B Inc. $11,700 July 22 Doodle-Do Co. $7,400 Sept. 23 Le'Veon Corp. $16,500 Oct. 29 Vinny Industries $9,800 Nov. 28 We-Win Company $22,600 Dec. 11 Not Past Due Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 Over 90 Abbott Inc. $2,800 $2,800 Account Co. $4,300 $4,300 ... ... ... ... ... ... ... ZZZ Corp. $4,700 $4700 Subtotals $830,800 $508,200 $173,700 $79,000 $45,900 $24,000 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. $2,800 $2,800 Account Co. $4,300 $4,300 ... ... ... ... ... ... ... ZZZ Corp. $4,700 $4700 Subtotals $830,800 $508,200 $173,700 $79,000 $45,900 $24,000 Customer Balance Due Date Days Past Due Buffalo-B Inc. $11,700 July 22 131 Doodle-Do Co. $7,400 Sept. 23 67 Le'Veon Corp. $16,500 Oct. 29 32 Vinny Industries $9,800 Nov. 28 2 We-Win Company $22,600 Dec. 11 Not Past Due Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 Over 90 Abbott Inc. $2,800 $2,800 Account Co. $4,300 $4,300 ... ... ... ... ... ... ... ZZZ Corp. $4,700 $4700 Subtotals $830,800 $508,200 $173,700 $79,000 $45,900 $24,000 Buffalo-B Inc. 11,700.00 11,700.00 Doodle-Do Co. 7,400.00 7,400.00 Le'Veon Corp. 16,500.00 16,500.00 Vinny Industries 9,800.00 9,800.00 We-Win Company 22,600.00 22,600.00 TOTALS 898,800.00 530,800.00 183,500.00 95,500.00 53,300.00 35,700.00
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 898,800 530,800 183,500 95,500 53,300 35,700 Percent Uncollectible 1 4 15 35 60 Allowance for Doubtful Accounts 67,048 5,308 7,340 14,325 18,655 21,420