Don't use AI. The Physical Therapy Center specializes in helping patients regain motor skills after serious accidents. The center has the followingbalances on December 31, 2024, before any adjustment: Accounts Receivable = $105,000; Allowance for Uncollectible Accounts =$3,500 (debit). The center estimates uncollectible accounts based on an aging of accounts receivable as shown below.Age GroupNot yet due0 to 60 days past due61 to 120 days past dueMore than 120 days past dueTotalAmountReceivableEstimated PercentUncollectible$55,0003%25,50015%15,50025%9,00080%$105,000Required:1. Estimate the amount of uncollectible receivables.2. Record the adjusting entry for uncollectible accounts on December 31, 2024.3. Calculate net accounts receivable reported in the balance sheet.Complete this question by entering your answers in the tabs below.Required 1 Required 2 Required 3

Required 1Age GroupComputationEstimated Amount UncollectibleNot yet due55,000 x 3%1,6500-60 days…

Answered: The Physical Therapy Center specializes…

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 Physical Therapy Center specializes in helping patients regain motor skills after serious accidents. The center has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $100,000; Allowance for Uncollectible Accounts = $3,000 (debit). The center estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group Not yet due 0 to 60 days past due 61 to 120 days past due More than 120 days past due Total Amount Receivable $50,000 25,000 15,000 10,000 $100,000 Estimated Percent Uncollectible 5% 10% 20% 70% Required: 1. Estimate the amount of uncollectible receivables. 2. Record the adjusting entry for uncollectible accounts on December 31, 2024. 3. Calculate net accounts receivable reported in the balance sheet.
Mercy Hospital has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $70,000; Allowance for Uncollectible Accounts = $1,400 (credit). Mercy estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group Amount Receivable Estimated Percent Uncollectible Not yet due $50,000 15% 0 to 30 days past due 11,000 20% 31 to 90 days past due 8,000 45% More than 90 days past due 1,000 85% Total $70,000 Required:1. Estimate the amount of uncollectible receivables.2. Record the adjusting entry for uncollectible accounts on December 31, 2024.3. Calculate net accounts receivable reported in the balance sheet.
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Mercy Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $70,000; Allowance for Uncollectible Accounts = $1,400 (credit). Mercy estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group AmountReceivable Estimated PercentUncollectible Not yet due $50,000 15% 0 –30 days past due 11,000 20% 31– 90 days past due 8,000 45% More than 90 days past due 1,000 85% Total $70,000 Required:1. Estimate the amount of uncollectible receivables.2. Record the adjustment for uncollectible accounts on December 31, 2021.3. Calculate net accounts receivable.
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Southwest Pediatrics has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $130,000; Allowance for Uncollectible Accounts = $2,100 (debit). On December 31, 2021, Southwest estimates uncollectible accounts to be 20% of accounts receivable.Required:1. Record the adjustment for uncollectible accounts on December 31, 2021.2. Determine the amount at which bad debt expense is reported in the income statement and the allowance for uncollectible accounts is reported in the balance sheet.3. Calculate net accounts receivable.
At January 1, 2024, Betty DeRose, Inc. had an allowance for doubtful accounts with a $4,390 credit balance. During 2024, Betty recorded $9,560 of write-offs and recorded $2,750 of recoveries of accounts receivable that had been written off in prior years. At December 31, 2024, Betty prepared the following aging schedule: Accounts Receivable not past due $150,000 $ 64,000 1-30 days past due 31-60 days past due $ 39,000 61-90 days past due $ 47,000 over 90 days past due $ 11,000 Calculate Betty's bad debt expense for 2024. % Uncollectible 2% 6% 9% 16% 34%
1) Accounting for uncollectible accounts using the allowance method (aging-of-receivables) and reporting receivables on the balance sheet At September 30, 2018, the accounts of Roxbury Medical Center (RMC) include the following: Accounts Receivable $154,000 Allowance for Bad Debts (credit balance) 3,700 During the last quarter of 2018, RMC completed the following selected transactions: Sales on account, $465,000. Ignore Cost of Goods Sold. Collections on account, $441,800. Wrote off accounts receivable as uncollectible: Jenkins, Co., $1,900; Sony, $800; and Smith, Inc., $500 Recorded bad debts expense based on the aging of accounts receivable, as follows: Age of Accounts 1–30 Days 31–60 Days 61–90 Days Over 90 Days Accounts Receivable $ 97,000 $ 37,000 $ 17,000 $ 14,000 Estimated percent uncollectible 0.2% 3.5% 29% 32% Page Break Requirements 1.Open T-accounts for Accounts Receivable…
E4-26 At December 31, 2020, before any year-end adjustments, the Accounts Receivable balance of Sunset Hills Clinic is $235,000. Allowance for Uncollectible Accounts has a $6,500 credit balance. Sunset Hills prepares the following aging schedule for accounts receivable: Age of Accounts Total Balance 0-30 Days 31-60 Days 61-90 Days Over 90 Days $110,000 $60,000 $50,000 $15,000 $235,000 0.5% 1.0% 6.0% 40% Estimated uncollectible Requirements: 21Page
The beginning balance in the Allowance for Uncollectible Accounts account is a $3,500 credit. After conducting an aging analysis, management has determined that $4,700 of accounts receivable will be uncollectible. What was the Uncollectible Accounts Expense for the year? $8,200 $3,500 $4,700 $1,200
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