Student Portal Main Third Party Resource LCS Learni X WileyPLUS ugen.wileyplus.com/edugen/Iti/main.uni US S Kieso, Intermediate Accounting, 17e Help | System Announcements ES CALCULATOR PRINTER VERSION 4 BACK NEXT Problem 7-03 (Part Level Submission) Cheyenne Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Cheyenne's Accounts Receivable account was $591,300 and Allowance for Doubtful Accounts had a credit balance of $40,920. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Probability Days Account Outstanding of Collection Amount Less than 16 days $312,600 0.97 Between 16 and 30 days 110,600 0.90 Between 31 and 45 days 87,800 0.86 Between 46 and 60 days 42,600 0.82 Between 61 and 75 days 21,900 0.57 Over 75 days (to be written off) 15,800 0.00 udy (a) What is the appropriate balance for Allowance for Doubtful Accounts at year-end? Balance for Allowance for Doubtful ACcounts 24 LINK TO TEXT Attempts: 0 of 5 used SAVE FOR LATER SUBMIT ANSWER > (b) 1:05 AM e to search 0202///
Student Portal Main Third Party Resource LCS Learni X WileyPLUS ugen.wileyplus.com/edugen/Iti/main.uni US S Kieso, Intermediate Accounting, 17e Help | System Announcements ES CALCULATOR PRINTER VERSION 4 BACK NEXT Problem 7-03 (Part Level Submission) Cheyenne Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Cheyenne's Accounts Receivable account was $591,300 and Allowance for Doubtful Accounts had a credit balance of $40,920. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Probability Days Account Outstanding of Collection Amount Less than 16 days $312,600 0.97 Between 16 and 30 days 110,600 0.90 Between 31 and 45 days 87,800 0.86 Between 46 and 60 days 42,600 0.82 Between 61 and 75 days 21,900 0.57 Over 75 days (to be written off) 15,800 0.00 udy (a) What is the appropriate balance for Allowance for Doubtful Accounts at year-end? Balance for Allowance for Doubtful ACcounts 24 LINK TO TEXT Attempts: 0 of 5 used SAVE FOR LATER SUBMIT ANSWER > (b) 1:05 AM e to search 0202///
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Student Portal Main
Third Party Resource LCS Learni X
WileyPLUS
ugen.wileyplus.com/edugen/Iti/main.uni
US
S Kieso, Intermediate Accounting, 17e
Help | System Announcements
ES
CALCULATOR
PRINTER VERSION
4 BACK
NEXT
Problem 7-03 (Part Level Submission)
Cheyenne Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Cheyenne's Accounts Receivable account was
$591,300 and Allowance for Doubtful Accounts had a credit balance of $40,920. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based
on the aging schedule shown below.
Probability
Days Account Outstanding
of
Collection
Amount
Less than 16 days
$312,600
0.97
Between 16 and 30 days
110,600
0.90
Between 31 and 45 days
87,800
0.86
Between 46 and 60 days
42,600
0.82
Between 61 and 75 days
21,900
0.57
Over 75 days (to be written off)
15,800
0.00
udy
(a)
What is the appropriate balance for Allowance for Doubtful Accounts at year-end?
Balance for Allowance for Doubtful ACcounts
24
LINK TO TEXT
Attempts: 0 of 5 used
SAVE FOR LATER
SUBMIT ANSWER
> (b)
1:05 AM
e to search
0202///
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