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At year end, Zhou Company prepared the accounts receivable aging below including percentages estimated to be uncollectible. Accounts Estimated Receivable Loss% $800,000 320,000 80,000 48,000
At year end, Zhou Company prepared the accounts receivable aging below including percentages estimated to be uncollectible. Accounts Estimated Receivable Loss% $800,000 320,000 80,000 48,000 32,000 16,000 $1,296,000 Age Group Current (not past due) 1-30 days past due 31-60 days past due 61-120 days past due 121-180 days past due Over 180 days past due Total accounts receivable 0.5% 1.0% 2.0% 5.0% 10.0% 25.0% At the beginning of the final month of the year, there was a credit balance of $24,000 in the Allowance for uncollectible accounts. During the month, Zhou Company wrote off $12,800 in receivables. a. What amount of bad debts expense will Zhou Company report for the year? $0 b. What is the net amount of accounts receivable reported on Zhou's balance sheet at year-end? $0
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