Exercise 8-4 (Part Level Submission) Golden Valley Ltd. has an Accounts Receivab

Question

Exercise 8-4 (Part Level Submission) Golden Valley Ltd. has an Accounts Receivable amount of $386,300 and an unadjusted credit balance in Allowance for Doubtful Accounts of $9,400 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 $270,000 55,000 37,000 4,300 $386,300 Uncollectible 2% 10% 30% 50% (a) Your answer has been saved and sent for grading. See Gradebook for score details 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 $270,000 55,000 37,000 24,300 2% 10% 30% 5500 121 50% 341

Explanation / Answer

Carrying Amount of Recievables is $ 352,150

Explanation:

Gross Accounts recceivable :         $ 386,300

Less: Balance in Allowance account: $34,150

Net carrying amount of Accounts rececivable: $ 352,150

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