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Estimating Doubtful Accounts Outlaw Bike Co. is a w Vable on each age category ar able on December 31, and a his is a wholesaler of motorcycle supplies. An aging or supplies. An aging of the company's accounts nd a historical analysis of the percentage of uncollectible accounts ble accounts in Yory areas a Percent Uncollectible Age Class Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-180 days past due Over 180 days past due 31. Balance $600,000 3/4 % 66,000 30,000 21,600 15,600 11,400 $744,600 Estimate what the proper balance of the allowance for doubtful accounts should be as of December Percent Estimated Uncollectible Age Class Balance Uncollectible Accounts Amount Not past due $600,000 3/4% 1-30 days past due 66,000 31-60 days past due 30,000 61-90 days past due 21,600 91-180 days past due 15,600 Over 180 days past due 11,400 Total $744,600 Effect of Doubtful Accounts on Net Income During its first year of operations, Mack's Plumbing Supply Co. had sales of $330,000, wrote off $5,000 of accounts as uncollectible using the direct write-off method, and reported net income of $36,300. Assume that during the second year of operations Mack's Plumbing Supply Co. had sales of $396,000, wrote off $6,000 of accounts as uncollectible using the direct write-off method, and reported net income of $39,600. a. Determine what net income would have been in the second year if the allowance method (using 1.5% of sales) had been used in both the first and second years. b. Determine what the balance of the allowance for doubtful accounts would have been at the end of the second year if the allowance method had been used in both the first and second years. If required, use the minus sign to indicate a "debit" balance