The xy company estimates lost claims as a percentage of the balance of accounts receivable at year-end. At the beginning...
The xy company estimates lost claims as a percentage of the balance of accounts receivable at year-end. At the beginning of the year, the balance of trade receivables was $ 76,500. and $ 5,800. they were based on write-down of accounts receivable. Over and over the year, the company received final loss claims from the accounts, the amount of which was $ 4,640. As the company is preparing to settle, the company created an age analysis where the highest risk of loss lies in the oldest claims:
| Number of days past due | Receivables amount | % likely to be uncollectible |
| current | 104,000 | 1% |
| 0-30 | 45,000 | 5% |
| 31-60 | 9,920 | 10% |
| 61-90 | 4,440 | 25% |
| over 90 | 3,800 | 50% |
| total | 167,160 |
What is the amount of written-off receivables during the year?
| a | 6.132 $ |
| b | 1.512 $ |
| c | 7.292 $ |
| d | 4.640 $ |
Homework Answers
| Receivables amount | % likely to be uncollectible | Written off Amount |
| 104000 | 1% | 1040 |
| 45000 | 5% | 2250 |
| 9920 | 10% | 992 |
| 4440 | 25% | 1110 |
| 3800 | 50% | 1900 |
| Total | 7292 |
(c) 7292.
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The xy company estimates lost claims as a percentage of the balance of accounts receivable at year-end. At the beginning...
the year, a company has the following accounts receivable and estimates of 2. At the end...
the year, a company has the following accounts receivable and estimates of 2. At the end of the year, a company has the follow uncollectible accounts: s not yet due - $70,000, estimated uncollectible = 4%. 2. Accounts 1-30 days past due $30,000; estimated uncollectible -15%. 3. Accounts more than 30 days past due = $5,000; estimated uncollectible = 40%. Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1,200 (debit)....
SECTION C-LONG QUESTION (10 points) A year-end review of Company ABC's Accounts Receivable and estimated uncollectible...
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At the end of the current year, Accounts Receivable has a balance of $550,000; Allowance for Doubtful Accounts has...
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the year, a company has the following accounts receivable and estimates of 2. At the end of the year, a company has the follow uncollectible accounts: s not yet due - $70,000, estimated uncollectible = 4%. 2. Accounts 1-30 days past due $30,000; estimated uncollectible -15%. 3. Accounts more than 30 days past due = $5,000; estimated uncollectible = 40%. Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1,200 (debit)....
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2 Sirus Company began Year 2 with balances in accounts receivable and allowance for doubtful accounts of $44,300 and $1,675, respectively. The company reported credit sales of $490,250 during the year, and wrote off $1,400 of uncollectible accounts. Sirus Company prepared the following aging schedule on December 31, Year 2: Number of Days Receivables % Likely to be Past Due Amount Uncollectible Current S 24,750 1% 0-30 8,300 5% 31-60 9,000 10% 61-90 2,150 25% Over 90 1,750 50% Total...
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