BALANCE SHEET						INCOME STATEMENT
a.	TRANSACTION	CASH ASSET	NONCASH ASSETS	LIABILITIES	CONTRIB CAPITAL	EARNED CAPITAL		REVENUES	EXPENSES	NET INCOME
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5-41. Estimating Uncollectible Accounts and Reporting Accounts Receivable Collins Company analyzes its accounts receivable at December 31 and arrives at the age categories below along with the percentages that are estimated as uncollectible. The balance of the allowance for uncollectible accounts is $1,100 on December 31, before any adjustments. LO5 Age Group MBC Accounts Receivable Estimated Loss % .. 40,000 27,000 2g60 61-120 days past due 5 5135 0 25 dF140 10 I 2250 900 ,100 b. Use the financial statement effects template to record Collins' bad debts expense for the year. 9,000 $200,000 Total accounts receivabie. a. What amount of bad debts expense will Collins report in its income statement for the year?5 58 c. What is the balance of accounts receivable on its December 31 balance sheet