Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

could someone explain this plz The following selected information is from Imagine Corporation's partial aging schedule in fiscal year 2015. To determine the adjusted allowance

image text in transcribedcould someone explain this plz

The following selected information is from Imagine Corporation's partial aging schedule in fiscal year 2015. To determine the adjusted allowance for doubtful accounts, the company uses each percentage of uncollectible Accounts Receivables based on different classifications of the number of outstanding days. Number of Days Outstanding | 0-30 days Accounts Receivable Estimated Percentage Uncollectible $110,000 1% 31-60 days 50,000 5% 61-90 days 20,000 20% 12,500 50% Over 90 days Total $192,500 The unadjusted balance in Allowance for Doubtful Accounts is a credit balance of $5,000 at the end of the year of 2015. What is the bad debt expense for the year of 2015? For your answer, make sure to put the number without dollar signs ($), commas (), periods (.), and decimal points. Again, please state the number only without dollar signs, commas, periods, and decimal points for your answer. For example, if the answer happens to be 12345, then you must simply put 12345

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Step: 3

blur-text-image

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

Payroll Management 2020 Edition

Authors: Steven M. Bragg

1642210366, 978-1642210361

More Books

Students also viewed these Accounting questions

Question

Define Decision making

Answered: 1 week ago

Question

What are the major social responsibilities of business managers ?

Answered: 1 week ago

Question

What are the skills of management ?

Answered: 1 week ago