Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Wildhorse Co. has accounts receivable of $92,100 at March 31, 2022. Credit terms are 2/10, 1/30. At March 31, 2022, there is a $2,081 credit

image text in transcribed
image text in transcribed
Wildhorse Co. has accounts receivable of $92,100 at March 31, 2022. Credit terms are 2/10, 1/30. At March 31, 2022, there is a $2,081 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. Estimated Percentage Uncollectible 2 % Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due Balance, March 31 2022 2021 $63.500 $80,330 11,700 7,610 10,300 2.480 6,600 1.030 $92.100 $91.450 5 31 51 Determine the total estimated uncollectibles at March 31, 2022. Total estimated uncollectibles $

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

Advanced Operations Management

Authors: David Loader

2nd Edition

0470026545, 978-0470026540

More Books

Students also viewed these Accounting questions