Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Foress Corporation has accounts receivable of $95,700 at March 31,2018.An analysis of the accounts shows these amounts Balance, March 31 Month of Sale 2018 2017
Foress Corporation has accounts receivable of $95,700 at March 31,2018.An analysis of the accounts shows these amounts Balance, March 31 Month of Sale 2018 2017 March (current) February (1- 30 days past due $64,300 $76,500 13,700 7,800 December and January (31-90 days past due)10,000 2,700 7,700 1,100 $95,700 $88,100 over 90 days past due) Credit terms are 2/10, n/30. At March 31, 2018, there is an unadjusted $2,200 credit balance in Allowance for Doubtful Accounts. The company uses the percentage of receivables by age category for estimating uncollectible accounts Foress'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 Estimated Percentage Uncollectible 3% 6% 30% 50% Prepare an aging schedule to determine the total estimated uncollectibles at March 31,2018. Accounts Receivable Current 1-30 days past due 31-90 days past due Over 90 days past due Amount Estimated Uncollectible eTextbook and Media List of Accounts Attempts: 0 of 2 used C Check
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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