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My answer was incorrect, help Required Informetlon Problem 5-25 Accounting for uncollectible accounts: Percent of receivables allowance method LO 5-3 The following Information appliles to
My answer was incorrect, help
Required Informetlon Problem 5-25 Accounting for uncollectible accounts: Percent of receivables allowance method LO 5-3 The following Information appliles to the questions dlsplayed below] Sage Inc. experienced the following transactions for 2018, its first year of operations: Part 3 of 3 1. Issued common stock for $120,000 cash. 2. Purchased $200,000 of merchandise on account. 3. Sold merchandise that cost $156,000 for $310,000 on account. 4. Collected $278,000 cash from accounts recelvable 5. Pald $180,000 on accounts payable 6. Pald $46,000 of salaries expense for the year 7. Pald other operating expenses of $62,000. 8. Sage adjusted the accounts using the following information from an accounts receivable aging schedule O/10 points awarded Scored Percent Likely to Be Uncollectible e.01 8.85 8.18 .20 0.58 Allowance Balance Number of Days Past Due Amount Current 8-30 31-6e 61-90 Over 98 days $19, 200 8,886 1, 600 1,600 1,680 Problem 5-25 Part c c. What Is the net realzable value of the accounts recelvable at December 31, 2018? 279,872
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