Use the following table for your calculations. % Uncollectible 1% Minimum Da Max

Question

Use the following table for your calculations. % Uncollectible 1% Minimum Da Maximum Da 31 61 91 5% 50% Requirement 1 Calculate the number of days each receivable is outstanding. (See hints below.) (Always use cell references and formulas where appropriate to receive full credit. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values.) 12 DATA 15 16 17 Today's Date Invoice Date | Outstanding | Uncollectible % ustomer Name Bonneville hinook uwamish 05S Nisquall Worden Amount 7/31/2018 7/31/2018 7/31/2018 7/31/2018 7/31/2018 7/31/2018 6/28/2018 7/28/2018 5/15/2018 6/5/2018 7/15/2018 4/12/2018 $1,100 $3,245 $250 21 Requirement 2 Complete the Schedule of Accounts Receivable. (See hints below. User SUMO for totals, Where appropriate, leave cells blank; do not entera0.) (Always use cell references and formulas where appropriate to receive full credit. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values.) 25 Schedule of Accounts Reccivable 61-90 Customer Name 1-30 Da 31-60 Da 91-365 Total Balance Bonneville Chinook Duwamis Foss 31 34 35 Wordern otals Estimated % Estimated total uncollectible uncollectible 39

Explanation / Answer

Solution 1:

Solution 2:

Solution 3:

Opening balance of allowance for bad debts = $65

Required provision = $218.45

Bad debts expense to be recognized = $218.45 - $65 = $153.45

Computation of nos of days each receivable is outstanding Customer Name Amount Today's Date Invoice date Days Outstanding Uncollectible % Bonnevlle $900.00 31-Jul-18 28-Jun-18 33 2% Chinook $1,100.00 31-Jul-18 28-Jul-18 3 1% Duwamish $500.00 31-Jul-18 15-May-18 77 5% Foss $350.00 31-Jul-18 5-Jun-18 56 2% Nisqually $3,245.00 31-Jul-18 15-Jul-18 16 1% Worden $250.00 31-Jul-18 12-Apr-18 110 50% Total $6,345.00

Related Questions

Navigate

• Browse (All)
• Browse U
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.