anyone can help me with this accounts receivable homework?

Acct 3401 Financial Statements Project Spring, 2017 TechnoGym Receivables Exercise Name:_____________________________________ Class Time:________________ This Topic assignment is worth 10 points. It is due by the end of Mon. Apr. 10 via MyGateway Submission link in the \"Topic assignment\" folder. Background: This is a continuation of the activities at TECHNOGYM in January, 2017. As in past activities, TECHNOGYM uses a Jan. 1 - Dec. 31 financial year. Exercise for Accounts Receivable: TECHNOGYM management does not expect there to be any change in the collectability of its credit sales related to its normal operations. On Dec. 31, 2016, the unadjusted balance of the Accounts Receivable balance was $17,607,500 and the Allowance for Doubtful Accounts balance was $20,000 (credit). TECHNOGYM uses the Accounts Receivable approach to estimate bad debts. The aging schedule at Dec. 31, 2016 is summarized below: Days outstanding 0-30 days 30-60 days 60-90 days >90 days % of Accts Rec 40% 35% 15% 10% Est. % Uncollectible 0.3% 0.8% 10.0% 30.0% Requirement 1: Develop an aging schedule to show your calculations of the total expected uncollectible amount for 2016. Days Outstanding % of Accts Rec $ of Accts Rec Est. % Uncollectibl e Est. $ Uncollectibl e Total $Uncollectibl e Requirement 2: Show your calculation of the appropriate dollar amounts, then show the adjusting journal entry (if any) that is needed on Dec. 31, 2016 related to this issue. Remember to show the journal entry in proper form! Page 1 of 2 Acct 3401 Financial Statements Project Spring, 2017 TechnoGym Receivables Exercise Requirement 3: TECHNOGYM on May 1st , 2017 learns that another customer went bankrupt and this customer's outstanding accounts receivable balance at Dec. 31 2016 is 900,000. Does TECHNOGYM need to record a journal entry for this news? If Yes, what should the journal entry be? Also, indicate the immediate effect of this journal entry on the income statement for 2017. Check one: Yes, a journal entry is needed; No journal entry is required If Yes, Journal Entry: IMMEDIATE impact on the income statement (check one): Increase Income Decrease Income No impact on Income Requirement 4: What is the ending balance of the Allowance for doubtful accounts at May 31, 2017? Check one. $862,768 credit balance $862,768 debit balance $37,232 debit balance $37,232 credit balance $842,768 credit balance $842,768 debit balance $57,232 credit balance $57,232 debit balance Requirement 5: Based on the bankrupt of its customer in May 2017, the management re-evaluate the collection risk of TECHNOGYM and conclude the risk is significantly higher than they previously thought. Which of the following would be an appropriate action for the management to take? Check one. Keep using the same uncollectible rates from the past Go back to increase the 2016 allowance for doubtful accounts to avoid a debit balance of the allowance for doubtful accounts after the write-off of the $900,000 account Increase the uncollectible rates to increase the amount of allowance for doubtful accounts the company takes from 2017 forward Be happy about how it takes allowance for doubtful accounts because neither a debit balance or a credit balance of the allowance tells the management anything about whether there needs an adjustment to the allowance taking practice Page 2 of 2