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Problem 3 (10 points): Heller Corporation has aged its accounts receivable and estimated uncollectible accounts as follows (in millions): Estimated % uncollectible 1% 3% Age
Problem 3 (10 points): Heller Corporation has aged its accounts receivable and estimated uncollectible accounts as follows (in millions): Estimated % uncollectible 1% 3% Age of Receivables Current 30-60 days past due 61-90 days past due Over 90 days past due Total Balance $11,000 2,400 1,700 840 $15,940 6% 10% a. Determine the appropriate allowance for uncollectible accounts. b. How will Heller Corporation report its accounts receivable on the balance sheet
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