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. $3,100 $3,100 Account Co. $4,000 $4,000 ... ... ... ... ... ... ... ZZZ Corp. $5,400 $5400 Subtotals $815,000 $494,300 $170,500 $80,600 $44,300 $25,300 Customer Balance Due Date Days Past Due Buffalo-B Inc. $11,300 July 11 Doodle-Do Co. $8,800 Sept. 27 Le'Veon Corp. $17,900 Oct. 25 Vinny Industries $9,300 Nov. 14 We-Win Company $23,300 Dec. 27 Not Past Due Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 Over 90 Abbott Inc. $3,100 $3,100 Account Co. $4,000 $4,000 ... ... ... ... ... ... ... ZZZ Corp. $5,400 $5400 Subtotals $815,000 $494,300 $170,500 $80,600 $44,300 $25,300 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. $3,100 $3,100 Account Co. $4,000 $4,000 ... ... ... ... ... ... ... ZZZ Corp. $5,400 $5400 Subtotals $815,000 $494,300 $170,500 $80,600 $44,300 $25,300 Customer Balance Due Date Days Past Due Buffalo-B Inc. $11,300 July 11 142 Doodle-Do Co. $8,800 Sept. 27 63 Le'Veon Corp. $17,900 Oct. 25 36 Vinny Industries $9,300 Nov. 14 16 We-Win Company $23,300 Dec. 27 Not Past Due Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 Over 90 Abbott Inc. $3,100 $3,100 Account Co. $4,000 $4,000 ... ... ... ... ... ... ... ZZZ Corp. $5,400 $5400 Subtotals $815,000 $494,300 $170,500 $80,600 $44,300 $25,300 Buffalo-B Inc. 11,300.00 11,300.00 Doodle-Do Co. 8,800.00 8,800.00 Le'Veon Corp. 17,900.00 17,900.00 Vinny Industries 9,300.00 9,300.00 We-Win Company 23,300.00 23,300.00 TOTALS 885,600.00 517,600.00 179,800.00 98,500.00 53,100.00 36,600.00
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 885,600 517,600 179,800 98,500 53,100 36,600 Percent Uncollectible 1 4 15 35 60 Allowance for Doubtful Accounts 67,688 5,176 7,192 14,775 18,585 21,960
Try another version of these questions Question 1 Question 2