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Question 31 (2 points) Assume all of the same facts as above (Part 3B.1; Percent of Sales Method), except instead of using the percent
Question 31 (2 points) Assume all of the same facts as above (Part 3B.1; Percent of Sales Method), except instead of using the percent of sales method to determine bad debt expense, the company uses the percent of receivables method. Specifically, Soccer uses an aging method. Soccer has concluded the following: Age of Receivables Gross Receivables Probability of Collection 0-15 days $100,000 99% 16-45 days $75,000 97% 46-60 days $25,000 90% 61-75 days $37,000 75% 76 days and Over $2,000 0% You may round your answers to the nearest dollar.
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