subject
Business, 17.02.2020 23:45 ovebrown

Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible

Age Group Accounts Receivable Estimated Loss %
Current (not past due) $250,000 0.5%
1-30 days past due 90,000 1
31-60 days past due 20,000 2
61-120 days past due 11,000 5
121-180 days past due 6,000 10
Over 180 days past due 4,000 25
Total accounts receivable $381,000

At the beginning of the fourth quarter of 2016, there was a credit balance of $4,350 in the Allowance for Uncollectible Accounts. During the fourth quarter, LaFond Company wrote off $3,830 in receivables as uncollectible.

a. What amount of bad debts expense will LaFond report for 2016?
b. What is the balance of accounts receivable that it reports on its December 31, 2016, balance sheet?
c. Set up T-accounts for both Bad Debts Expense and for the Allowance for Uncollectible Accounts.

ansver
Answers: 1

Another question on Business

question
Business, 21.06.2019 15:30
What is "staffing level"? a) the practice of assigning the same number of workers to each department b) the average educational level attained by employees of a business c) the rank above cashier d) the number of workers assigned to jobs at a particular time
Answers: 2
question
Business, 22.06.2019 05:00
Ajewelry direct sales company pays its consultants based on recruiting new members. question 1 options: the company is running a pyramid scheme, which is illegal. the company is running a pyramid scheme, which is legal. the company has implemented a legal and ethical plan for growth. the company uses this method of compensation to reduce the fee for the product sample kit.
Answers: 3
question
Business, 22.06.2019 15:00
Which of the following is least likely to a team solve problems together
Answers: 1
question
Business, 22.06.2019 15:30
For a firm that uses the weighted average method of process costing, which of the following must be true? (a) physical units can be greater than or less than equivalent units. (b) physical units must be equal to equivalent units. (c) equivalent units must be greater than or equal to physical units. (d) physical units must be greater than or equal to equivalent units.
Answers: 1
You know the right answer?
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its acco...
Questions
question
Mathematics, 25.03.2021 21:40
question
English, 25.03.2021 21:40
question
Mathematics, 25.03.2021 21:40
question
Mathematics, 25.03.2021 21:40
question
Mathematics, 25.03.2021 21:40