Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

undefined Sheridan Company has accounts receivable of $106,700 at March 31, 2022. An analysis of the accounts shows these amounts. Month of Sale March February

image text in transcribedundefined

Sheridan Company has accounts receivable of $106,700 at March 31, 2022. An analysis of the accounts shows these amounts. Month of Sale March February December and January November and October Balance, March 31 2022 2021 $74,000 $77,600 14,300 8,300 10,500 2,800 7,900 1,300 $106,700 $90,000 Credit terms are 2/10,n/30. At March 31, 2022, there is a $4,000 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage of receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due Estimated Percentage Uncollectible 2 % 7 25 50 (a) * Your answer is incorrect. Determine the total estimated uncollectible accounts receivable. Total estimated uncollectibles accounts receivable $ 12756

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Write a letter asking them to refund your $1,500 down payment.

Answered: 1 week ago