Estimating Uncollectible Accounts and Reporting Accounts Receivable

Collins Company analyzes its accounts receivable at December 31 and arrives at the age categories

below along with the percentages that are estimated as uncollectible. The balance of the allowance for

uncollectible accounts is $1,100 on December 31, before any adjustments.

Age Group Accounts Receivable Estimated Loss %

0-30 days past due ................ $110,000 1%

31-60 days past due ............... 40,000 2

61-120 days past due .............. 27,000 5

121-180 days past due ............. 14,000 10

Over 180 days past due ............. 9,000 25

Total accounts receivable ............ $200,000

c. What is the balance of accounts receivable on its December 31 balance sheet?