Question
1. Estimate the balance of the Allowance for Doubtful Accounts using percent of sales method. Assume a $0 existing balance in Allowance for Doubtful Accounts.
1. Estimate the balance of the Allowance for Doubtful Accounts using percent of sales method. Assume a $0 existing balance in Allowance for Doubtful Accounts. Hint: Identify the percent of uncollectible for credit sales. 2. Estimate the balance of the Allowance for Doubtful Accounts using percent of receivables method. Assume a $0 existing balance in Allowance for Doubtful Accounts. Hint: Identify the percent of uncollectible for accounts receivable. 3. Estimate the balance of the Allowance for Doubtful Accounts using aging of accounts receivable. Assume a $0 existing balance in Allowance for Doubtful Accounts.
Estimated balance of allowance for uncollectibles:
- credit
- debit
The manager asks you to assist her with the data analytics on bad debts expense at year-end. To do this, you access the following Tableau Dashboard for your company. Makeup of Current Assets Cash Supplies Accounts Receivable Inventory Value (5) Accounts Receivable by Age Over 90 days past due 61-90 days past due 31-60 days past due 1-30 days past due Not yet due 50 $200,000 $400,000 $600,000 $800,000 Accounts Receivable (5) Percent Uncollectible by Age Makeup of Total Sales 70% Cash Sales 6096 50% 4096 Estimated Percent Uncollectible 30% Credit Sales 20% 30% 096 Percent Uncollectible by Accounts Credit Sales 1% Accounts Receivable 5% > K 8 PO Not yet due 1-30 days 31-60 days 61-90 days Over 90 days past due past due past due past due tableau The manager asks you to assist her with the data analytics on bad debts expense at year-end. To do this, you access the following Tableau Dashboard for your company. Makeup of Current Assets Cash Supplies Accounts Receivable Inventory Cash: $732,000 Value (5) Accounts Receivable by Age Over 90 days past due 61-90 days past due 31-60 days past due 1-30 days past due Not yet due 50 $200,000 $400,000 $600,000 $800,000 Accounts Receivable (5) Percent Uncollectible by Age Makeup of Total Sales 70% Cash Sales 60% 50% 4096 Estimated Percent Uncollectible 3096 Credit Sales 2096 10% Percent Uncollectible by Accounts Credit Sales 1% Accounts Receivable 5% 096 Not yet due 1-30 days 31-60 days 61-90 days Over 90 days past due past due past due past due tableau The manager asks you to assist her with the data analytics on bad debts expense at year-end. To do this, you access the following Tableau Dashboard for your company. Makeup of Current Assets Cash Accounts Receivable Inventory Supplies Value (5) Accounts Receivable by Age Over 90 days past due 61-90 days past due 31-60 days past due 1-30 days past due 1-30 days past due: $254,000 Not yet due S0 $200,000 $400.000 $600,000 $800,000 Accounts Receivable (5) Percent Uncollectible by Age Makeup of Total Sales 70% Cash Sales 60% 50% 40% Estimated Percent Uncollectible 30% Credit Sales 20 109 096 Percent Uncollectible by Accounts Credit Sales 1% Accounts Receivable 5% > K e PD Not yet due 1-30 days 31-60 days 61-90 days Over 90 days past due past due past due past due tableau The manager asks you to assist her with the data analytics on bad debts expense at year-end. To do this, you access the following Tableau Dashboard for your company. Makeup of Current Assets Cash Accounts Receivable Inventory Supplies Value (5) Accounts Receivable by Age Over 90 days past due 61-90 days past due 31-60 days past due 1-30 days past due Not yet due $0 $200.000 $400,000 $600.000 $800,000 Accounts Receivable (5) Percent Uncollectible by Age Makeup of Total Sales 70% Cash Sales 60% 50% 40% Estimated Percent Uncollectible 309 Credit Sales 20% 10% Percent Uncollectible by Accounts Credit Sales 1% Accounts Receivable 5% Not yet 3-60 days 61-90 days Over 90 days Not yet due: 296 Past due past due past due +ableau The manager asks you to assist her with the data analytics on bad debts expense at year-end. To do this, you access the following Tableau Dashboard for your company. Makeup of Current Assets Cash Accounts Receivable Inventory Supplies Value (5) Accounts Receivable by Age Over 90 days past due 61-90 days past due 31-60 days past due 1-30 days past due Not yet due S0 $200,000 $400,000 $600,000 $800,000 Accounts Receivable (5) Percent Uncollectible by Age Makeup of Total Sales 70% Cash Sales 60% 50% 40% Estimated Percent Uncollectible 30% Credit Sales 20 109 096 Percent Uncollectible by Accounts Credit Sales 1% Accounts Receivable 5% > K e PD Not yet due 1-30 day past cu 1-30 days past due: 3% Over 90 days past due tableau The manager asks you to assist her with the data analytics on bad debts expense at year-end. To do this, you access the following Tableau Dashboard for your company. Makeup of Current Assets Cash Accounts Receivable Inventory Supplies Value (s) Accounts Receivable by Age Over 90 days past due 1 61-90 days past due 31-60 days past due 1-30 days past due Not yet due 50 $200,000 $400,000 $600,000 $800,000 Accounts Receivable (5) Percent Uncollectible by Age Makeup of Total Sales 7096 Cash Sales 60% 50% 4096 Estimated Percent Uncollectible 30% Credit Sales 20% 109 Percent Uncollectible by Accounts Credit Sales 1% Accounts Receivable 596 0% Not yet due 1-30 days past due 31-60 31-60 days past due: 7% past du 'panise tableau
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