Age in days Receivable balances 0- 15 180,000 16 - 30 108,000 31 - 60 95,000 61 90 72,000 91 - 120 54,500 121 - 150 36,000 Total accounts receivables 545,500 BFR Co. uses the aging of receivables method. The estimated percentages of collectability based on past experience are shown below: Accounts that are overdue for less than 31 days 97% Accounts that are overdue 31 - 60 days Accounts that are overdue 61 - 90 days 90% 85% Accounts that are overdue 91 - 120 days 65% Accounts that are overdue for over 120 days 40% The allowance for doubtful accounts has a balance of P18,000 as of January 1, 2020. Write-offs and recoveries during the year amounted to P6,000 and P3,000, respectively. How much is the doubtful accounts expense for the vear?

Required information [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 $ 56,000 7% Accounts receivable Percent uncollectible Total 0 $ 670,000 $ 416,000 Req A Req B and C 3% Complete this question by entering your answers in the tabs below. 1 to 30 $ 110,000 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $14,000 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,000 debit. Estimated balance of allowance for uncollectibles 4%

d. The company collects Y5,000 subsequently on a specific account that had previously been determined to be uncollectible in (c.). Prepare the journal entry(ies) necessary to restore the account and record the cash collection.

Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollectible. Accounts Estimated Receivable Loss % $ 90,000 20,000 11,000 6,000 Over 180 days past due 4,000 Total accounts receivable $ 131,000 Age Group 0-30 days past due 31-60 days past due 61-120 days past due 121-180 296 4 The balance of the allowance for uncollectible accounts is $520 on December 31, before any adjustments. Transaction Record bad debts expense 5 10 25 (a) What amount of bad debts expense will LaFond report in its income statement for the year? $0 Cash Asset (b) Use the financial statement effects template to record LaFond's bad debts expense for the year. Use negative signs with your answers, when appropriate. Noncash Assets Balance Sheet Liabilities Contributed Capital (c) What is the balance of accounts receivable on it December 31 balance…

Vishal

Tammany Professional Engineers uses the Percentage of Receivables method to account for bad debt.  The following is a summary of Tammany’s Accounts Receivable Aging Report. Cash Sales $42,000 Credit Sales $21,000 Allowance for Uncollectible Accounts December 31, 2020      $4,375   Current > 30 >60 >90   $115,000 $98,000 $75,000 $15,000 Estimated Uncollectible   1%   2%   4%   5%             Required: Prepare the total estimate of uncollectible accounts and give the amount of the required adjustment. Do not prepare a journal entry.    Please show your work if possible.   In addition to submitting your answer here, you should also write it down so you an use it for the next problem.

Wohoo Publishers uses the allowance method to estimate uncollectible accounts receivables. The company produced the following aging of the accounts receivable at year-end (Y in thousands). Accounts receivable % uncollectible Estimated bad debts Total 200,000 0-30 days 77,000 2% 31-60 days 46,000 5% 61-90 days 91-120 days 39,000 6% 23,000 10% Over 120 days 15,000 25%

Daley Company prepared the following aging of receivables analysis at December 31.   Total Days Past Due 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 575,000 $ 397,000 $ 91,000 $ 37,000 $ 19,000 $ 31,000 Percent uncollectible   2% 3% 6% 8% 11%   Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,700 credit. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $200 debit. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.           Accounts Receivable x Percent Uncollectible (%) = Estimated…

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What is the value of the total assets?