Exercise 8-4 (Part Level Submission) Beca Ltd. has an Accounts Receivable amount

Question

Exercise 8-4 (Part Level Submission) Beca Ltd. has an Accounts Receivable amount of $385,900 and an unadjusted credit balance in Allowance for Doubtful Accounts of $8,900 at March 31. The company's accounts receivable and percentage estimates of its uncollectible accounts are as follows: Number of Days Outstanding 0-30 31-60 61-90 Over 90 Total Accounts Estimated Percentage Receivable $272,000 55,300 35,600 23,000 $385,900 Uncollectible 2% 10% 30% 50% Your answer is correct. Prepare an aging schedule to determine the total estimated uncollectibles at March 31 Age of Accounts Amount % Estimated Uncollectible 0-30 days 31-60 days 61-90 days Over 90 days 5440 $272,000 2% 55,300 10% 35,600 30% 23,000 50% 5530 10680 11500 33150 SHOW LIST OF ACCOUNTS LINK TO TEXT

Explanation / Answer

(a)

Adjusted ending balance in Allowance for uncollectible = 33,150

(c)

Carrying amount = Accounts receivable - Allowance for uncollectible

= 385,900 - 33,150

= 352,750

Age of accounts Amount % Estimated Uncollectible 0-30 days 272,000 2% 5,440 31-60 days 55,300 10% 5,530 61-90 days 35,600 30% 10,680 Over 90 days 23,000 50% 11,500 385,900 33,150

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