Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hadara Company has accounts receivable of $93,100 at March 31. Credit terms are 2/10, n/30. At March 31, Allowance for Doubtful Accounts has a credit
Hadara Company has accounts receivable of $93,100 at March 31. Credit terms are 2/10, n/30. At March 31, Allowance for Doubtful Accounts has a credit balance of $1,200 prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. Use the below aging schedule to determine:
Age of Accounts
Balance, March 31
Estimated Percentage Uncollectible
130 days
$60,000
2%
3160 days
17,600
5%
6190 days
8,500
20%
Over 90 days
7,000
50%
Total
$93,100
The Bad debt expense for the year is
Answer 1
The cash realizable value is
Answer 2
The total estimated uncollectible is
answer3
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