Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Blain Company has $17,500 of accounts receivable that are current, $8,000 that are from 0 to 30 days past due, $ 31 to 60 days

Blain Company has $17,500 of accounts receivable that are current, $8,000 that are from 0 to 30 days past due, $ 31 to 60 days past due, and $1,550 that are more than 60 days past due. Blain estimates that 2% of the receivable will be uncollectible, 5% of those from 0 to 30 days past due will be uncollectible, 10% of those from 31 to 60 day uncollectible, and 50% of those more than 60 days past due will be uncollectible. Just prior to recognizing uncol expense, Blain's allowance for doubtful accounts account has a $850 positive balance. Assuming Blain uses the estimate uncollectible accounts expense.

Calculate the amount of uncollectible expense.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Answer To calculate the amount of uncollectible expense for Blain Company we need to determine the s... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Document Format ( 2 attachments)

PDF file Icon
663e3408056bd_959775.pdf

180 KBs PDF File

Word file Icon
663e3408056bd_959775.docx

120 KBs Word File

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

1st edition

978-0133251579, 133251578, 013216230X, 978-0134102313, 134102312, 978-0132162302

More Books

Students also viewed these Accounting questions

Question

Define the economic cost of energy.

Answered: 1 week ago