FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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buisness k210 Google Docs canvas 0
work i
!
Outlook Calendar A ALEKS
Accounts
Receivable
$ 840,000
336,000
67,200
33,600
13,440
Required information
Problem 7-3A (Algo) Aging accounts receivable and accounting for bad debts LO P2, P3
[The following information applies to the questions displayed below.]
On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $16,000.
Jarden prepares a schedule of its December 31 accounts receivable by age.
Affects Jarden's net income
Age of Accounts Receivable
Not yet due
1 to 30 days past due
31 to 60 days past due
61 to 90 days past due
Over 90 days past due
Saved
Expected Percent
New Tab ab Quickbooks
Uncollectible
1.30%
2.05
6.55
33.00
69.00
Problem 7-3A (Algo) Part 3
3. On June 30 of the next year, Jarden concludes that a customer's $4,650 receivable is uncollectible and the account is written off.
Does this write-off directly affect Jarden's net income?
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Transcribed Image Text:buisness k210 Google Docs canvas 0 work i ! Outlook Calendar A ALEKS Accounts Receivable $ 840,000 336,000 67,200 33,600 13,440 Required information Problem 7-3A (Algo) Aging accounts receivable and accounting for bad debts LO P2, P3 [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Affects Jarden's net income Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Saved Expected Percent New Tab ab Quickbooks Uncollectible 1.30% 2.05 6.55 33.00 69.00 Problem 7-3A (Algo) Part 3 3. On June 30 of the next year, Jarden concludes that a customer's $4,650 receivable is uncollectible and the account is written off. Does this write-off directly affect Jarden's net income?
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