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i only need question 2 answered the other pictures provide information to help the allowance balance for yr 1 was not given Uncollectible Allowance Sunset,
i only need question 2 answered the other pictures provide information to help
the allowance balance for yr 1 was not given
Uncollectible Allowance Sunset, Inc. began operations January 2, Year 1. Use the documents under the Exhibits tab to complete the following sections. 1. Complete the Aging Schedule for Accounts Receivable as of December 31, Year 2 by clicking in each indicated cell and entering the appropriate amount to the nearest whole dollar A/R Amount Percentage Allowance o to 30 days $ 500,000 2% $ 10,000 31 to 90 days $ 120,000 10% $ 12,000 91 to 180 days $ 90,000 30% $ 27,000 Over 180 days $ 35.000 85% $ 29,750 Accounts receivable $ 745,000 Allowance for doubtful accounts $ 78.750 2. Complete the Allowance for Doubtful Accounts schedule below for the year ended December 31, Year 2 by clicking in each indicated cell and entering the appropriate amount to the nearest whole dollar. (Enter any deductions as negative values.) Date Amount Allowance balance, December 31, Year 1 Write-offs, Year 2 Recoveries, Year 2 Allowance balance before Year 2 provision Required allowance at December 31, Year 2 Year 2 provision IL #I. Sunset, Inc. Select Financial Information for the Years Ended December 31, Year 1 December 31, Year 2 Gross credit sales Less Returns and allowances Net credit sales $5,300,000 1500.000 $3,800,000 $6.900,500 1900 500 $5,000,000 Account receivable activity: Collections Write-offs Recoveries $3,260,000 0 0 $4,750,000 45,000 12.000 Document #2: Page 25 Sunset, Inc. Accounts Receivable Aging Schedule - December 21, Year 2 Category 0-30 31-90 91.180 Over 180 Totals $500,000 $120.000 $ 90,000 $ 35,000 Uncollectible Allowance Sunset, Inc. began operations January 2, Year 1. Use the documents under the Exhibits tab to complete the following sections. 1. Complete the Aging Schedule for Accounts Receivable as of December 31, Year 2 by clicking in each indicated cell and entering the appropriate amount to the nearest whole dollar A/R Amount Percentage Allowance o to 30 days $ 500,000 2% $ 10,000 31 to 90 days $ 120,000 10% $ 12,000 91 to 180 days $ 90,000 30% $ 27,000 Over 180 days $ 35.000 85% $ 29,750 Accounts receivable $ 745,000 Allowance for doubtful accounts $ 78.750 2. Complete the Allowance for Doubtful Accounts schedule below for the year ended December 31, Year 2 by clicking in each indicated cell and entering the appropriate amount to the nearest whole dollar. (Enter any deductions as negative values.) Date Amount Allowance balance, December 31, Year 1 Write-offs, Year 2 Recoveries, Year 2 Allowance balance before Year 2 provision Required allowance at December 31, Year 2 Year 2 provision IL #I. Sunset, Inc. Select Financial Information for the Years Ended December 31, Year 1 December 31, Year 2 Gross credit sales Less Returns and allowances Net credit sales $5,300,000 1500.000 $3,800,000 $6.900,500 1900 500 $5,000,000 Account receivable activity: Collections Write-offs Recoveries $3,260,000 0 0 $4,750,000 45,000 12.000 Document #2: Page 25 Sunset, Inc. Accounts Receivable Aging Schedule - December 21, Year 2 Category 0-30 31-90 91.180 Over 180 Totals $500,000 $120.000 $ 90,000 $ 35,000 Step by Step Solution
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