Try Another Version of These Questions

Question 1

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:

Days Past Due
CustomerBalanceNot Past Due1-3031-6061-90Over 90
Abbott Inc.$3,500$3,500    
Account Co.$4,100 $4,100   
.....................
ZZZ Corp.$5,400  $5400  
Subtotals$823,700$500,500$173,400$81,000$44,000$24,800

The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above.

CustomerBalanceDue DateDays Past Due
Buffalo-B Inc.$12,200July 20
Doodle-Do Co.$9,000Sept. 11
Le'Veon Corp.$18,000Oct. 3
Vinny Industries$10,600Nov. 4
We-Win Company$23,500Dec. 14 Not Past Due

Determine the number of days past due for each account and complete the aging of receivables by adding the omitted accounts.

Days Past Due
CustomerBalanceNot Past Due1-3031-6061-90Over 90
Abbott Inc. $3,500 $3,500
Account Co. $4,100 $4,100
... ... ... ... ... ... ...
ZZZ Corp. $5,400 $5400
Subtotals $823,700 $500,500 $173,400 $81,000 $44,000 $24,800
Buffalo-B Inc.
Doodle-Do Co.
Le'Veon Corp.
Vinny Industries
We-Win Company
TOTALS


Question 2

Maria Enterprises has a past history of uncollectible accounts.

Estimate the allowance for doubtful accounts based on the aging of receivables below.

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
CustomerBalanceNot Past Due1-3031-6061-90Over 90
Total receivables
Percent Uncollectible
Allowance for Doubtful Accounts