values:

makeup of current assets.

cash: $732,000

Acc. receivables. $$1,220,000

inventory. $$1,708,000

supplies. $476,000

acc. receivable by age:

over 90days. $12,000

61-90 days. $38,000

31-60 days. $86,000

1-30 days. $254,000

not due yet. $830,000

percent by uncollectible by age

over 90days. 68%

61-90 days. 33%

31-60 days. 7%

1-30 days. 3%

not due yet. 2%

makeup total sales.

credit sales: $7,150,000

cash sales. $2,250,000

percent uncollectible by accounts

credit sales. 1%

accounts receivable. 5%

tableau K TE 1. Estimate the balance of the Allowance for Doubtful Accounts using percent of sales method. Assume a $0 existing balance in Allowance for Doubtful Accounts. Hint Identify the percent of uncollectible for credit sales. 2. Estimate the balance of the Allowance for Doubtful Accounts using percent of receivables method. Assume a $0 existing balance in Allowance for Doubtful Accounts. Hint: Identify the percent of uncollectible for accounts receivable. 3. Estimate the balance of the Allowance for Doubtful Accounts using aging of accounts receivable. Assume a $0 existing balance in Allowance for Doubtful Accounts Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 1. Estimate the balance of the Allowance for Doubtful Accounts using percent of sales method. Assume a $0 existing balance in Allowance for Doubtful Accounts. Hint: Identify the percent of uncollectible for credit sales. 2. Estimate the balance of the Allowance for Doubtful Accounts using percent of receivables method. Assume a $0 existing balance in Allowance for Doubtful Accounts. Hint: Identify the percent of uncollectible for accounts receivable. Show less 1. Estimate the balance of the Allowance for Doubtful Accounts 2. Estimate the balance of the Allowance for Do Accounts Reg 3 > ere to search