Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Current Attempt in Progress Wildhorse Co. has accounts receivable of $94,400 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022,

image text in transcribedimage text in transcribed

Current Attempt in Progress Wildhorse Co. has accounts receivable of $94,400 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,115 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. Balance, March 31 Estimated Percentage Age of Accounts 2022 2021 Current $64,400 $81,960 Uncollectible 2 % 1-30 days past due 13,300 7,240 31-90 days past due 9,100 2,260 32 Over 90 days past due 7,600 1,010 47 254 $94,400 $92,470 Wildhorse Co. has accounts receivable of $94,400 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,115 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. Balance, March 31 Estimated Percentage Age of Accounts 2022 2021 Uncollectible Current $64,400 $81,960 1-30 days past due 13,300 7,240 31-90 days past due 9,100 2,260 32 Over 90 days past due 7,600 1,010 47 2524 2 % $94,400 $92,470 (a) Determine the total estimated uncollectibles at March 31, 2022. Total estimated uncollectibles S

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_2

Step: 3

blur-text-image_3

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

Fundamental Managerial Accounting Concepts

Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old

7th edition

978-0077632427, 77632427, 78025656, 978-0078025655

More Books

Students also viewed these Accounting questions

Question

Can hydrogen or deuterium emit an particle? Explain.

Answered: 1 week ago