FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Required Information
[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 $15,500.
Jarden prepares a schedule of its December 31 accounts receivable by age.
Accounts
Receivable
$ 900,000
360,000
72,000
36,000
14,400
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
Accounts
Receivable
Required:
1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of accounts receivable.
Percent
Uncollectible (#.## %)
Not due:
1 to 30:
31 to 60:
61 to 90:
Over 90:
Estimated balance of allowance for uncollectibles
x
=
Expected Percent
Uncollectible
1.30%
2.05
6.55
=
33.00
69.00
Estimated
Uncollectible
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Transcribed Image Text:Required Information [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 $15,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 900,000 360,000 72,000 36,000 14,400 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 Accounts Receivable Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of accounts receivable. Percent Uncollectible (#.## %) Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles x = Expected Percent Uncollectible 1.30% 2.05 6.55 = 33.00 69.00 Estimated Uncollectible
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