signment Problem 7-3 Manilow Corporation operates in an industry that has a high rate of bad debts, Before any year-end adjustments, the balance in Manilow's Accounts Receivable account was $55,000 a The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below Probability of Collection Days Account Outstanding Less than 16 days Between 16 and 30 days Between 31 and 45 days Between 46 and 60 days Between 61 and 75 days Over 75 days Amount $300,000 100,000 80,000 40,000 20,000 15,000 0.98 0.90 0.85 0.80 0.55 0.00 Assume tht accounts with a zero percent chance of colletion are intended to be witen off your answer is incorrect. Try again. What is the appropriate balance for Allowance for Doubtful Accounts at year-end? Balance for Allowance for Doubtful Accounts 100000 2 Your answer is partially correct. Try again. Al Rights 8 CALCULATOR ;.FUL SCREEN PRNTER VERSION .BACK NEXT year-end adjustments, the balance in Manilow's Accounts Receivable account was $555,000 and Allowance for Doubtful Accounts had a credit balance of $40,000 ll be based on the aging schedule shown below n Assignment Your answer is partially correct. Try again. Show how accounts receivable would be presented on the balance sheet. MANILOW CORPORATION Balance Sheet (Partial) Accounts Receivable Less Allowance for Doubtful Accountsv 100000 Net Accounts Receivable 495000 Your answer is partially correct. Try again. What is the dollar effect of the year-end bad debt adjustment on the before-tax income? Dollar effect of the year-end bad debt adjustment Click if you would like to Show Work for this question: Qpen Show Work 20000 decrease v All Rights