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. $4,400 $4,400 ... ... ... ... ... ... ... ZZZ Corp. $4,800 $4800 Subtotals $828,900 $503,700 $175,700 $80,600 $44,700 $24,200 Customer Balance Due Date Days Past Due Buffalo-B Inc. $12,200 July 16 Doodle-Do Co. $8,200 Sept. 19 Le'Veon Corp. $16,200 Oct. 10 Vinny Industries $10,500 Nov. 1 We-Win Company $24,000 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. $4,400 $4,400 ... ... ... ... ... ... ... ZZZ Corp. $4,800 $4800 Subtotals $828,900 $503,700 $175,700 $80,600 $44,700 $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. $2,700 $2,700 Account Co. $4,400 $4,400 ... ... ... ... ... ... ... ZZZ Corp. $4,800 $4800 Subtotals $828,900 $503,700 $175,700 $80,600 $44,700 $24,200 Customer Balance Due Date Days Past Due Buffalo-B Inc. $12,200 July 16 137 Doodle-Do Co. $8,200 Sept. 19 71 Le'Veon Corp. $16,200 Oct. 10 51 Vinny Industries $10,500 Nov. 1 29 We-Win Company $24,000 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. $4,400 $4,400 ... ... ... ... ... ... ... ZZZ Corp. $4,800 $4800 Subtotals $828,900 $503,700 $175,700 $80,600 $44,700 $24,200 Buffalo-B Inc. 12,200.00 12,200.00 Doodle-Do Co. 8,200.00 8,200.00 Le'Veon Corp. 16,200.00 16,200.00 Vinny Industries 10,500.00 10,500.00 We-Win Company 24,000.00 24,000.00 TOTALS 900,000.00 527,700.00 186,200.00 96,800.00 52,900.00 36,400.00
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 900,000 527,700 186,200 96,800 52,900 36,400 Percent Uncollectible 1 4 15 35 60 Allowance for Doubtful Accounts 67,600 5,277 7,448 14,520 18,515 21,840