Preparing an Aging Schedule to Estimate Allowance for Doubtful Accounts

A review of open invoices of Sketchers Inc. results in the following report.

Invoice	Amount	Date (Each from this year)
#496	$509.42	5-Dec
#495	761.97	2-Dec
#427	304.62	5-Nov
#100	121.18	28-Jun
#300	823.81	3-Oct
#410	744.73	31-Oct
#204	69.66	25-Aug
#498	845.38	28-Dec
#499	306.83	28-Dec
#487	830.31	28-Nov
#310	230.72	8-Oct
#178	714.68	7-Aug
#497	372.26	5-Dec
#488	158.78	29-Nov
#105	20.81	5-Jul
	$6,815.16

Required

a. Organize the list of open invoices as of December 31 into a table with the following aging categories across the top: (1) less than 30 days, (2) 3160 days, (3) 6090 days, and (4) greater than 90 days.

b. Assume that the company estimates the allowance for doubtful accounts based upon the following percentages applied to the appropriate aging categories: (1) 1% for less than 30 days, (2) 5% for 3160 days, (3) 30% for 6090 days, and (4) 60% for greater than 90 days. What is the ending allowance for doubtful accounts as estimated by the company?

Complete the following table to complete requirements of parts a and b.

Note: Round each dollar amount to two decimal places.

Please make the response detailed and easy to understand, thank you

Less than 30 days 2,795.86 $ Total Total Receivables $ Greater than 31-60 Days 60-90 Days 90 Days 1,293.71 $ 1,799.26 $ 924.33 X $ 19 % X 26 % x 14 % x 245.8 X $ 467.81 x $ 129.41 * $ 6,815.16 41 % x Percentage Estimated Uncollectibles $ 1,146.3 * $ 1,989.32 x