Calculator eBook Print Item Allowance Method for Doubtful Accounts All-Natural Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable derk for Averys All-Natural prepared the following aging-of-receivables schedule as of the end of business on December 31, 2017- Days Past Due Not Past Customer Balance Due 1-30 31-60 61-90 91-120 Over 120 AAA Beauty 27,500 27,500 Amelia's Wigs 3,750 Zim's Beauty 1,650 Totals 3,750 1,650 1,100,000 750,000 180,000 75,000 45,000 22,000 28,000 Averys All-Natural Company has a past history of uncollectible accounts by age category, as follows: Percent Age Class 1% Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-120 days past due Over 120 days past due 16 40 90 bles schedule allowance for doubtful accounts, based on the aging-of receiva adjustment on December 31, 20Y7. Ilustrate the effect on the accounts and financial statements of the adjustment Averys All-Natural Company has a negative balance af $(2,250) before adjustment on December 31, 2. Assume that the allowance for doubtful accounts for for uncollectible accounts. KPr Next PreviouS 10 more Check My Work uses remaining Check My Work Save and Exit Submit 0:09 PM P426/2019 All work saved. 1. Estimate the allowance for doubtful accounts, based on the aging-of-receivables schedule. doubtful accounts for Averys All-Natural Company has a negative balance of $(2.250) before adjustment on December 31, 20Y7. Illustrate the effect on the accounts and financial statements of the for uncollectible accounts. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts Balance Sheet Statement of Cash Assets LiabilitiesStockholders' Equity Flows 20Y7 Dec. 31 Income Statement Statement of Cash Flows ed credit sales of $2,400,000 during 20Y7. Assume that instead of using the analysis of receivables method of estimating uncollectible accounts, Natural Hair Company uses the percent of sales method and 3. Averys estimates that 2.5% o sales will be uncollectible. Illustrate the effect on the accounts and financial statements of the adjustment for uncollectible accounts using the percent of sales method. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts Balance Sheet Statement of Cash Liabilities Assets Flows 20Y7 Dec. 31 Income Statement Statement of Cash Flows 4. Assume that on March 4, 20Ys, Averys All-Natural wrote off the $2.950 account of Superior Images as uncollectible. Illustrate the effect on the accounts and f Next Previous 10 more Check My Work uses remaining Check My Work t for Save and Exit Submit All work saved om/ilm/takeAssignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator-assignment-takeBinprogress- false eBook B Calculator Pintitem 4. Assume that on March 4, 20Y8, Averys All-Natural wrote off the $2,950 account of Superior Images as uncolledible. Illustrate the effect on the accounts and f financial statements of the write-off of the Superior Images account If no account or activity is affected, select "No effect from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts Balance Sheet Statement of Cash Assets Liabilities Stockholders Equity Flows 20Y8 Mar. 4 Statement of Cash Flows Income Statement S. Assume that on August 17, 20YS, Superior Images paid $2,950 on its account. Illustrate the effect on the accounts and financial statements of reinstating and collecting the Superior Images account. (a) Reinstatement If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Balance Sheet Statement of Cash LiabilitiesStockholders Equity Assets Flows 20Y8 Aug. 17 Income Statement Statement of Cash Flows (b) Collection and cash outflows as negative amounts. If no account or activity is affected, select "No effect" from the dropdown and leave the correspanding number entry box blank. Enter account decre Balance Sheet Previous Statement of Cash 10 more Check My Work uses remaining Check My Work Save and Exit Submit Assignment fo ^ 40 4/26/20 1010 All work saved alul-assignment-takeinprogress false eBook Calculator Print Item (b) Collection If no account or activity affected, select No effect" from the dropdowr and leave the corresponding number entry box blank. Enter account decreases and cash out s as ne ativ amounts. Balance Sheet Statement of Cash Assets Flows LiabilitiesStockholders Equity 20Y8 Aug. 17 Statement of Cash Flows Income Statement 6. Assume that instead of using the allowance method, Averys All-Natural uses the a The write-off of the superior images account on March 4, 20Y8. If no account or activity is affected, select "No effect' from the dropdown an method, Averys All Natural uses the direct writeoff method. Illustrate the effect on the accounts and financial statements of the following d leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Balance Sheet Statement of Cash Assets Liabilities t Stockholders Equity Flows 20Y8 Mar 4 Statement of Cash Flows Income Statement b. The (1) reinstatement and (2) collection of the Superior Images account on August 17, 20Y8 (1) reinstatement If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts PreviouS Check My Work 10 more Check My Work uses remaining. Save and Exit Submit Assignme All work saved e- 20Y8 Mar. 4 Statement of Cash Flows Income Statement b The (1) reinstatement and (2) collection of the Superior Images account on August 17, 20Y8. (1) reinstatement If no account or activity is affected, select "No effect from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Balance Sheet Statement of Cash Flows Liabilities Stockholders Equity Assets 20Y8 Aug. 17 Income Statement Statement of Cash Flows (2) collection If no account or activity is affected, select "No effect from the dropdown and leave the corresponding number entry bex blank. Enter account decreases and cash outflows as negative amounts Balance Sheet Statement of Cash LiabilitiesStockholders Equity Assets Flows 20Y8 Aug. 17 Income Statement Statement of Cash Flows Check hy Work 10 more Check Mny Work usies remaining 10 more Check My Work uses remaining Check My Save and E All work saved. e