MyLab and Mastering Take a quiz/Test × @ Take a Test-zakla opiani × O INVESTMENT

Question

MyLab and Mastering Take a quiz/Test × @ Take a Test-zakla opiani × O INVESTMENT-LECTURE 1- Chapter 5 Lecture-Part 1-Y. × ·c Secure l https://www.mathxl.com/Student/PlayerTest.aspx?testld-176891558&centerwin-ves; BUSAC 186 -2561 MW 10-11:50AM zakia opiani | 3/9/18 7:22 AM Quiz: Chapter 5 Quiz Time Remalning: 01:29:51 Submit Quiz This Question: 1 pt 1 of 22 (0 complete) This Quiz: 25 pts possible On December 31, 2017, James Company has an accounts receivable balance of $316,000 before any year-end adjustments. The Allowance for Doubtful Accounts has a $1,100rdit balance. The company prepares the following aging schedule for accounts receivable: Total Balance 1- 30 days $153,000 1% over 90 days S30,000 22% 31-60 days61-90 days 316,000 Percent uncollectible S80,000 2% $53,000 4% What is the Uncollectible-Account Expense at December 31, 2017? OA. $10,750 O B. $1,530 O c. $11,850 O D. $12,950 Click to select your answer.

Explanation / Answer

Allowance required = (153000*1%)+(80000*2%)+(53000*4%)+(30000*22%)= $11850 Uncollectible accounts expense = 11850-1100 = $10750 Option A is correct

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