Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Crane Company has accounts receivable of $96,600 at March 31, 2022 Credit terms are 2/10,n/30. At March 31, 2022, there is a $2,287 credit balance
Crane Company has accounts receivable of $96,600 at March 31, 2022 Credit terms are 2/10,n/30. At March 31, 2022, there is a $2,287 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage of receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due Balance; March 31 2ch2 2021 $65,600 $75,150 13,500 7.870 9.800 2.630 7,700 1,140 $96,600 $86,790 Estimated Percentage Uncollectible 2 % 5 28 47 (a) Determine the total estimated uncollectibles at March 31, 2022. Total estimated uncollectibles $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started