Stine Co. sells Christmas angels. Stine determines that at the end of December, it has the following aging schedule of AccountsReceivable:CustomerDV GannonJJ JoysenNJ BellJC Werly% uncollectibleTotal Estimated Uncollectible Amounts iTotalNet receivables$500300150200?1002003001 %1-30$300Not yet due3005 %31-60$2005025010 %?Number of Days Past DueOver 9061-9020020020 %?10010050 %Compute the net receivables based on the above information at the end of December. (There was no beginning balance in theAllowance for Doubtful Accounts).

The account receivables are reported as the current assets in the balance sheet. The allowance for…

Stine Co. sells Christmas angels. Stine determines that at the end of December, it has the following aging schedule of Accounts Receivable: Customer DV Gannon JJ Joysen NJ Bell JC Werly % uncollectible Total Estimated Uncollectible Amounts Total $500 300 150 200 ? ? 100 200 300 1% Not yet due 1-30 $300 300 5% 31-60 $200 50 250 10 % Number of Days Past Due Over 90 61-90 200 200 20 % P 100 100 50 % ?

Stine Co. sells Christmas angels. Stine determines that at the end of December, it has the following aging schedule of Accounts Receivable: Customer DV Gannon JJ Joysen NJ Bell JC Werly % uncollectible Total Estimated Uncollectible Amounts Total $500 300 150 200 ? ? 100 200 300 1% Not yet due 1-30 $300 300 5% 31-60 $200 50 250 10 % Number of Days Past Due Over 90 61-90 200 200 20 % P 100 100 50 % ?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter18: The Management Of Accounts Receivable And Inventories

Section: Chapter Questions

Problem 9P

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The following aging schedule is available for Xavier's Xylophones: Accounts Receivable Amount Days Outstanding Not Yet Due $50,000 $15,000 $5,000 $70,000 Up To 180 Days Past Due Over 180 Past Due Total Percentage Uncollectible 3% 11% 25% Using the information provided above, what is Xavier's desired ending balance for the Allowance for Doubtful Accounts account?
Linda Co. sells Christmas angels. Linda determines that at the end of December, they have the following aging schedule of Accounts Receivable: Customer K. Brant D. Eaton S Klein C. Sheen % Uncollectible Total Number of Days Past Due Not yet due $900 300 180 600 ? 200 600 800 1 % 1-30 $300 Total estimated uncollectible accounts 300 5 % 31-60 $600 50 650 10 % 61-90 100 100 25 % Over 90 130 130 50 % Compute the total estimated uncollectible accounts based on the above information at the end of December.
Adjustment for Uncollectible Accounts Below is the aging of receivables schedule for Evers Industries. < Subtotals Customer Boyd Industries Hodges Company Kent Creek Inc. Lockwood Company Van Epps Company Totals Percentage uncollectible Allowance for Doubtful Accounts Aging of Receivables Schedule July 31 Not Past Due 1,050,000 600,000 Balance 36,000 11,500 6,600 7,400 13,000 7,400 1,124,500 607,400 106,106 1% 6,074 1-30 Days Past Due 220,000 13,000 233,000 6,990 31-60 Days Past Due 115,000 6,600 121,600 12% 14,592 61-90 Days Past Due 85,000 11,500 96,500 30% 28,950 Over 90 Days Past Due 30,000 36,000 66,000 75% 49,500 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $8,240 before adjustment on July 31. Journalize the adjusting entry for uncollectible accounts as of July 31. If an amount box does not require an entry, leave it blank. July 31 4
Adjustment for Uncollectible Accounts Below is the aging of receivables schedule for Evers Industries. Aging of Receivables ScheduleJuly 31 Customer Balance NotPast Due 1-30DaysPast Due 31-60DaysPast Due 61-90DaysPast Due Over 90DaysPast Due Subtotals 1,050,000 600,000 220,000 115,000 85,000 30,000 Boyd Industries 36,000 36,000 Hodges Company 11,500 11,500 Kent Creek Inc. 6,600 6,600 Lockwood Company 7,400 7,400 Van Epps Company 13,000 13,000 Totals 1,124,500 607,400 233,000 121,600 96,500 66,000 Percentage uncollectible 1% 3% 12% 30% 75% Allowance for Doubtful Accounts 106,106 6,074 6,990 14,592 28,950 49,500 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $8,240 before adjustment on July 31. Journalize the adjusting entry for uncollectible accounts as of July 31. If an amount box does not require an entry, leave it blank. July 31
A summary of Milan Fashion's December 31, 2021, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group: Age Group Amount % 0-60 days $40,000 0.5 61-90 days 15,000 1.5 91-120 days 2,000 15.0 Over 120 days 800 80.0 The allowance for uncollectible accounts had a credit balance of $1,600 at January 1, 2021. During the year bad debts of $1,150 were written off. Also, $150 previously written off were paid by a customer. Required: Prepare all 2021 journal entries with respect to bad debts and the allowance for uncollectible accounts. Show computations. Prepare a T account for the allowance for uncollectible accounts from 1/1 to 12/31/21.
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Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 $ 48,000 Accounts receivable Percent uncollectible Total $ 630,000 0 $ 408,000 Req A 1% Req B and C 1 to 30 $ 102,000 Complete this question by entering your answers in the tabs below. 2% 5% 61 to 90 $ 30,000 7% a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 6% 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 $13,200 credit. Over 90 $ 42,000 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 $2,200 debit. 10% Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 6% of total accounts…
Marigold Inc. uses the allowance method to estimate uncollectibles. The company produced the following aging of the accounts receivable at year-end. (a) Correct answer icon Your answer is correct. Calculate the total estimated uncollectibles based on the below information. Number of Days Outstanding Total 0–30 31–60 61–90 91–120 Over 120 Accounts receivable $212,900 $80,500 $47,100 $41,900 $25,500 $17,900 % uncollectible 1% 4% 5% 8% 20% Estimated Bad debts $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount eTextbook and Media List of Accounts Attempts: 1 of 3 used (b) - (d) (b) Prepare the year-end adjusting journal entry to record the Bad Debt Expense using the aged uncollectible accounts receivable…
Adjustment for Uncollectible Accounts Below is the aging of receivables schedule for Evers Industries. Aging-of-Receivables ScheduleNovember 30 Customer Balance Not Past Due 1-30Days Past Due 31-60Days Past Due 61-90Days Past Due Over 90Days Past Due Subtotals 667,400 393,800 146,800 60,100 33,400 33,300 Boyd Industries 11,000 11,000 Hodges Company 16,300 16,300 Kent Creek Inc. 10,100 10,100 Lockwood Company 9,300 9,300 Van Epps Company 31,100 31,100 Totals 745,200 424,900 156,100 70,200 49,700 44,300 Percentage uncollectible 2% 6% 25% 35% 50% Allowance for Doubtful Accounts 74,959 8,498 9,366 17,550 17,395 22,150 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $ 15,740 before adjustment on November 30. Journalize the adjusting entry for uncollectible accounts as of November 30. Nov 30 fill in the blank 2 fill in the blank 4
Sunshine Company prepared the following partial aging schedule for its accounts receivable for the year 2020 Customer Not Yet Number of Days Past Due Due Total 1-30 31-60 61-90 Over 90 Marlo $400 $200 S(A) 222 Joseph 100 200 $350 650 Ahmad 100 150 400 100 750 Total $100 22? 222 $300 (B) $2,200 Estimated percentage 1% (C) 10% 20% 50% Estimated Bad Debt 222 299 $42 222 222 222 Missing amount (A) is equal to: $1,400 $600 $200 $0 None of the above
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