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. $3,000 $3,000 Account Co. $4,400 $4,400 ... ... ... ... ... ... ... ZZZ Corp. $5,200 $5200 Subtotals $827,400 $499,400 $177,400 $80,000 $45,100 $25,500 Customer Balance Due Date Days Past Due Buffalo-B Inc. $11,100 July 16 Doodle-Do Co. $7,000 Sept. 10 Le'Veon Corp. $17,300 Oct. 19 Vinny Industries $9,000 Nov. 13 We-Win Company $22,500 Dec. 19 Not Past Due Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 Over 90 Abbott Inc. $3,000 $3,000 Account Co. $4,400 $4,400 ... ... ... ... ... ... ... ZZZ Corp. $5,200 $5200 Subtotals $827,400 $499,400 $177,400 $80,000 $45,100 $25,500 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. $3,000 $3,000 Account Co. $4,400 $4,400 ... ... ... ... ... ... ... ZZZ Corp. $5,200 $5200 Subtotals $827,400 $499,400 $177,400 $80,000 $45,100 $25,500 Customer Balance Due Date Days Past Due Buffalo-B Inc. $11,100 July 16 137 Doodle-Do Co. $7,000 Sept. 10 80 Le'Veon Corp. $17,300 Oct. 19 42 Vinny Industries $9,000 Nov. 13 17 We-Win Company $22,500 Dec. 19 Not Past Due Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 Over 90 Abbott Inc. $3,000 $3,000 Account Co. $4,400 $4,400 ... ... ... ... ... ... ... ZZZ Corp. $5,200 $5200 Subtotals $827,400 $499,400 $177,400 $80,000 $45,100 $25,500 Buffalo-B Inc. 11,100.00 11,100.00 Doodle-Do Co. 7,000.00 7,000.00 Le'Veon Corp. 17,300.00 17,300.00 Vinny Industries 9,000.00 9,000.00 We-Win Company 22,500.00 22,500.00 TOTALS 894,300.00 521,900.00 186,400.00 97,300.00 52,100.00 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 894,300 521,900 186,400 97,300 52,100 36,600 Percent Uncollectible 1 4 15 35 60 Allowance for Doubtful Accounts 67,465 5,219 7,456 14,595 18,235 21,960