cash: 732,000

A/R: 1,220,000

Inventory: 1,708,000

Supplies: 476,000

over 90: 12,000

61-90: 38,000

31-60: 86,000

1-30: 254,000

not yet: 830,000

cash sales: 2,250,000

Credit sales: 7,150,000

Makeup of Current Assets Cash Accounts Receivable Supplies Value ($) Accounts Receivable by Age Over 90 days past due 61-90 days past due 31-60 days past due 1-30 days past due Not yet due mie $0 $200,000 $800,000 $400,000 Accounts Receivable ($) $200,000 $600,000 $800,000 $400,000 Accounts Receivable ($) Percent Uncollectible by Age Makeup of Total Sales Cash Sales Estimated Percent Uncollectible Credit Sales Percent Uncollectible by Accounts Credit Sales 1% Not yet due 1-30 days past due 31-60 days past due 61-90 days Over 90 days past due past due Accounts Receivable 5% 1. Estimate the balance of the Allowance for Doubtful Accounts using percent of sales method. Assume a $0 existing balance in Allowance for Doubtful Accounts. Hint: Identify the percent of uncollectible for credit sales. 2. Estimate the balance of the Allowance for Doubtful Accounts using percent of receivables method. Assume a $0 existing balance in Allowance for Doubtful Accounts. Hint: Identify the percent of uncollectible for accounts receivable. 3. Estimate the balance of the Allowance for Doubtful Accounts using aging of accounts receivable. Assume a $0 existing balance in Allowance for Doubtful Accounts Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 1. Estimate the balance of the Allowance for Doubtful Accounts using percent of sales method. Assume a $0 existing balance in Allowance for Doubtful Accounts. Hint: Identify the percent of uncollectible for credit sales. 2. Estimate the balance of the Allowance for Doubtful Accounts using percent of receivables method. Assume a $0 existing balance in Allowance for Doubtful Accounts. Hint: Identify the percent of uncollectible for accounts receivable. Show less 1. Estimate the balance of the Allowance for Doubtful Accounts 2. Estimate the balance of the Allowance for Doubtful Accounts ferences Req 1 and 2 Reg 3 Estimate the balance of the Allowance for Doubtful Accounts using aging of accounts receivable. Assume a $0 existing balance in Allowance for Doubtful Accounts. Accounts Percent receivable uncollectible (%) Not yet due: 1 to 30: 31 to 60 61 to 90: Over 90 Estimated balance of allowance for uncollectibles