FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Teocalli Burritos owns a fleet of food delivery trucks that provide food services to a variety of local entertainment events. Management
for the company provided you the following information pertaining to the accounts receivable aging schedule.
Required:
Using the percent of receivables method, what amount will Teocalli Burritos estimate as uncollectible accounts expense?
Number of Days
Past Due
Current
0-30
31-60
01-90
Over 90 days
Total
Amount
$
820.000
260,000
130,000
91.000
36,000
Percent
Uncollectible Accounts Expense
1%
Uncollectible
3%
10%
30%
60%
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Transcribed Image Text:Teocalli Burritos owns a fleet of food delivery trucks that provide food services to a variety of local entertainment events. Management for the company provided you the following information pertaining to the accounts receivable aging schedule. Required: Using the percent of receivables method, what amount will Teocalli Burritos estimate as uncollectible accounts expense? Number of Days Past Due Current 0-30 31-60 01-90 Over 90 days Total Amount $ 820.000 260,000 130,000 91.000 36,000 Percent Uncollectible Accounts Expense 1% Uncollectible 3% 10% 30% 60%
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