please can someone help me to solve this problem ? please solve all three parts with working and steps so that I can easily understand answer in text please help will give a thumbs up if correct nThe Physical Therapy Center specializes helping patients regain motor skills after serious accidents. The center has the followingbalances on December 31, 2024, before any adjustment: Accounts Receivable - $98,000, Allowance for Uncollectible Accounts=$2,800 (debin). The center estimates uncollectible accounts based on an aging of accounts receivable as shown below.Estimated PercentUncollectible5%10%Age GroupNot yet duee to 60 days past due61 to 120 days past dueMore than 120 days past dueTotalAmountReceivable$48,00024,50014,80010,400$90,000Required:1. Estimate the amount of uncollectible receivables2. Record the adjusting entry for uncollectible accounts on December 31, 20243. Calculate net accounts receivable reported in the balance sheet20%70%Complete this question by entering your answers in the tabs below.Required 1 Required 2 Required 3Calculate net accounts receivable reported in the balance sheet.Total Accounts ReceivableNet Accounts Receivable The Physical Therapy Center specializes in helping patients regain motor skills after serious accidents. The center has the followingbalances on December 31, 2024, before any adjustment Accounts Receivable - $98,000, Allowance for Uncollectible Accounts -$2,800 (debin. The center estimates uncollectible accounts based on an aging of accounts receivable as shown below.Estimated PercentUncollectible5XAge GroupNot yet due0 to 60 days past due61 to 120 days past dueHore than 120 days past dueTotalAmountReceivable$48,00024,00014,80010,400$98,000Required:1. Estimate the amount of uncollectible receivables.2. Record the adjusting entry for uncollectible accounts on December 31, 20243. Calculate net accounts receivable reported in the balance sheet.Age GroupNot yet dus0 to 60 days past due61 to 120 days past dueMore than 120 days past dueTotal20%20170%Complete this question by entering your answers in the tabs below.Required 1 Required 2 Required 3Estimate the amount of uncollectible receivables.EstimatedAmountUncollectible

Accounts receivables means those customer accounts to whom credit sales has been made, but amount…

The Physical Therapy Center specializes helping patients regain motor skills after serious accidents. The center has the following balances on December 31, 2024, before any adjustment Accounts Receivable - $98,000, Allowance for Uncollectible Accounts= $2,800 (debit). The center estimates uncollectible accounts based on an aging of accounts receivable as shown below. Estimated Percent Uncollectible 58 Age Group Not yet due e to 60 days past due 61 to 120 days past due More than 120 days past due Total Amount Receivable $48,000 24,500 14,600 10,400 $98,000 Required 1 Required 2 Required 3 Required: 1. Estimate the amount of uncollectible receivables 2. Record the adjusting entry for uncollectible accounts on December 31, 2024 3. Calculate net accounts receivable reported in the balance sheet 10% 20% 70% Complete this question by entering your answers in the tabs below. Calculate net accounts receivable reported in the balance sheet.

The Physical Therapy Center specializes helping patients regain motor skills after serious accidents. The center has the following balances on December 31, 2024, before any adjustment Accounts Receivable - $98,000, Allowance for Uncollectible Accounts= $2,800 (debit). The center estimates uncollectible accounts based on an aging of accounts receivable as shown below. Estimated Percent Uncollectible 58 Age Group Not yet due e to 60 days past due 61 to 120 days past due More than 120 days past due Total Amount Receivable $48,000 24,500 14,600 10,400 $98,000 Required 1 Required 2 Required 3 Required: 1. Estimate the amount of uncollectible receivables 2. Record the adjusting entry for uncollectible accounts on December 31, 2024 3. Calculate net accounts receivable reported in the balance sheet 10% 20% 70% Complete this question by entering your answers in the tabs below. Calculate net accounts receivable reported in the balance sheet.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The Physical Therapy Center specializes in helping patients regain motor skills after serious accidents. The center has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $110,000; Allowance for Uncollectible Accounts = $4,000 (debit). The center estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group AmountReceivable Estimated PercentUncollectible Not yet due $ 60,000 4% 0 – 60 days past due 26,000 20% 61–120 days past due 16,000 30% More than 120 days past due 8,000 85% Total $110,000 Required: 1. Estimate the amount of uncollectible receivables. 2. Record the adjustment for uncollectible accounts on December 31, 2021. 3. Calculate net accounts receivable.
Mercy Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $70,000; Allowance for Uncollectible Accounts = $1,400 (credit). Mercy estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group AmountReceivable Estimated PercentUncollectible Not yet due $50,000 15% 0 –30 days past due 11,000 20% 31– 90 days past due 8,000 45% More than 90 days past due 1,000 85% Total $70,000 Required:1. Estimate the amount of uncollectible receivables.2. Record the adjustment for uncollectible accounts on December 31, 2021.3. Calculate net accounts receivable.
Physicians’ Hospital has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $60,000; Allowance for Uncollectible Accounts = $1,100 (credit). On December 31, 2024, Physicians’ estimates uncollectible accounts to be 15% of accounts receivable. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2024.2. Determine the amount at which bad debt expense is reported in the income statement and the allowance for uncollectible accounts is reported in the balance sheet.3. Calculate net accounts receivable reported in the balance sheet.
How much cash did the Hospital collect on Accounts Receivable in 20X1? $15800 $16000 $13000 $12800
E4-26 At December 31, 2020, before any year-end adjustments, the Accounts Receivable balance of Sunset Hills Clinic is $235,000. Allowance for Uncollectible Accounts has a $6,500 credit balance. Sunset Hills prepares the following aging schedule for accounts receivable: Age of Accounts Total Balance 0-30 Days 31-60 Days 61-90 Days Over 90 Days $110,000 $60,000 $50,000 $15,000 $235,000 0.5% 1.0% 6.0% 40% Estimated uncollectible Requirements: 21Page
Physicians’ Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $60,000; Allowance for Uncollectible Accounts = $1,100 (credit). On December 31, 2021, Physicians’ estimates uncollectible accounts to be 15% of accounts receivable.Required:1. Record the adjustment for uncollectible accounts on December 31, 2021.2. Determine the amount at which bad debt expense is reported in the income statement and the allowance for uncollectible accounts is reported in the balance sheet.3. Calculate net accounts receivable.
The following aging schedule is available for Xavier's Xylophones: Accounts Receivable Amount Days Outstanding Not Yet Due $50,000 $15,000 $5,000 $70,000 Up To 180 Days Past Due Over 180 Past Due Total Percentage Uncollectible 3% 11% 25% Using the information provided above, what is Xavier's desired ending balance for the Allowance for Doubtful Accounts account?
A summary of Klugman Company's December 31, 2024, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group: Age Group Amount % 0–60 days $ 70,000 0.5 61–90 days 27,000 1.0 91–120 days 4,000 10.0 Over 120 days 1,100 50.0 The allowance for uncollectible accounts had a balance of $1,500 on January 1, 2024. During the year, bad debts of $850 were written off. Required: Prepare all journal entries for 2024 with respect to bad debts and the allowance for uncollectible accounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
The schedule of aging accounts for a Cormpany at the end of the year 2020, appears below Accounts Recebvable $40,000 10,000 5,500 1.800 5Z.300 Estimate % of Bad Detts Current 1:30 days overdue 31-60 days overdue More than 60 days overdue Total 1% 5% 10% 20% The allowance was estimated by using the schedule of ageing accounts. The allowance acoount had a debit balance of $000, before the estimate was made Required: Prepare the adjusting entry to record bad debts expense for 2020. (SHOW YOUR CALCULATIONS) ALTAENAEI0/Mari
A summary of Milan Fashion's December 31, 2021, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group: Age Group Amount % 0-60 days $40,000 0.5 61-90 days 15,000 1.5 91-120 days 2,000 15.0 Over 120 days 800 80.0 The allowance for uncollectible accounts had a credit balance of $1,600 at January 1, 2021. During the year bad debts of $1,150 were written off. Also, $150 previously written off were paid by a customer. Required: Prepare all 2021 journal entries with respect to bad debts and the allowance for uncollectible accounts. Show computations. Prepare a T account for the allowance for uncollectible accounts from 1/1 to 12/31/21.
Accounting for uncollectible accounts using the allowance method (aging-of-receivables) and reporting receivables on the balance sheet. At September 30, 2018, the accounts of Roxbury Medical Center (RMC) include the following: Accounts Receivable $154,000 Allowance for Bad Debts (credit balance) 3,700 During the last quarter of 2018, RMC completed the following selected transactions: • Sales on account, $465,000. Ignore Cost of Goods Sold. • Collections on account, $441,800. • Wrote off accounts receivable as uncollectible: Jenkins, Co., $1,900; Sony, $800; and Smith, Inc., $500 • Recorded bad debts expense based on the aging of accounts receivable, as follows: Age of Accounts 1–30 Days 31–60 Days 61–90 Days Over 90 Days Accounts Receivable $ 97,000 $ 37,000 $ 17,000 $ 14,000 Estimated percent uncollectible 0.2% 3.5% 29% 32% Requirements Open T-accounts for Accounts Receivable and Allowance for…
The beginning balance in the Allowance for Uncollectible Accounts account is a $3,500 credit. After conducting an aging analysis, management has determined that $4,700 of accounts receivable will be uncollectible. What was the Uncollectible Accounts Expense for the year? $8,200 $3,500 $4,700 $1,200