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 % ?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The beginning balance in the Allowance for Uncollectible Accounts account is a $3,500 credit. After conducting an aging analysis, management has determined that $11,700 of accounts receivable will be uncollectible. What is the ending balance in the Allowance for Uncollectible Accounts account? $11,700 $3,500 $15,200 $8,200
Daley Company prepared the following aging of receivables analysis at December 31. Total 0 Accounts receivable Percent uncollectible $ 625,000 $ 407,000 1 to 30 $ 101,000 Days Past Due 31 to 60 $ 47,000 61 to 90 $ 29,000 Over 90 $ 41,000 3% 4% 7% 9% 12% 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 $13,100 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 $2,100 debit. Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req B and C Estimate the balance of the Allowance for Doubtful Accounts assuming the company…
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