Please help to understand & solve the following

Cash No Accounts payable No A Allowance for uncollectible accounts Yes A These account(s) will decrease v by $ 24,325 X 2. Prepare an aging of Kate's remaining accounts receivable. What balance should be in the Allowance for Uncollectible Accounts account? Hint - Remember that Kate has already written off all accounts greater than 150 days old. Balance in Allowance for Uncollectible Accounts $ 24,325 X What is Kate's new estimate for bad debt expense? $ 24,325 X 3. Kate is in need of an immediate cash infusion and Matt has advised her to sell some of her receivables. A local bank has offered her two alternatives: a. Factor $64,000 of "current" receivables (0-30 days old) on a nonrecourse basis at a flat fee of 11% of the value of the receivables sold. b. Factor $64,000 of "current" receivables on a recourse basis at a flat fee of 6% of the value of the receivables sold. Which option should Kate choose? Why? Cost of Option A $ O X Cost of Option B $ O X Which option should Kate choose? Option BAccounts Receivable Analysis Kate Miller owns a dance studio in Los Angeles, California. Students can buy access to the dance classes by paying a monthly fee. Unfortunately, many of Kate's students are struggling actors and actresses who lack the ability to pay their bills in a timely manner. And, although the students were expected to pay for classes in advance, Kate began offering credit to many of her students to grow her business. This, however, put Kate in a serious liquidity problem as revealed by the growing balance in the studio's outstanding accounts receivable: Age Accounts Receivable Historical Estimate Classification Outstanding Balance of Non-Collection 0-30 days i $70,400 4% 31-60 days l 49,500 8% 61 -90 days l 35,200 12% 91 -1 20 days ' 20,800 14% 121 -1 50 days ' 14,400 20% > 150 days [ 8,000 50% Kate's accountant, Matt Thomas, tried to help her get a handle on the studio's accounts receivable problem, but to little avail. One trick he successfully used in the past to make Kate realize the seriousness of the problem was to overestimate the extent of Kate's bad debt problem; consequently, there currently exists a balance in the allowance for uncollectible accounts totaling $4,320. Required 1. The first step to help get Kate's business back on track is to write off all receivables having a vew low probability of collection (those accounts over 150 days). What balance sheet accounts will be affected, and in what amount, when Matt executes this action? Indicate which balance sheet accounts will be affected by choosing Yes or No for each account: Net revenue ' No 3 3 Accounts receivable ' Yes : o/ Bad debt expense l No c v Cash l No 3 v Preparing an Aging Schedule M. Beall Inc. uses the aging method to estimate the company's bad debt expense. Mike Beall, the president of the company, collected information about the company's outstanding accounts receivable and their probability of collection: Probability of Account Age Amount Non-Collection 0-30 days $790,000 0.5% 31-60 days 275,000 1.5% 61-90 days 170,000 2.5% 91-120 days 100,000 4.0% Over 120 days 40,000 20.0% a. Calculate the expected bad debt expense for M. Beall, Inc. Round to the nearest whole number. $ 0 b. Calculate the total balance in accounts receivable. $ 0 c. Calculate the net realizable value of the company's accounts receivable. $ 0