Financial Accounting
15th Edition
ISBN: 9781337272124
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 9, Problem 9E
Kirchhoff Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8.
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Evers Industries has a past history of uncollectible accounts, as follows.
Age Class
Percent Uncollectible
Not past due
2%
1–30 days past due
6
31–60 days past due
16
61–90 days past due
34
Over 90 days past due
74
Estimate the allowance for doubtful accounts, based on the aging of receivables information provided in the Aging of Receivables Schedule page.
Evers Industries
Estimate of Allowance for Doubtful Accounts
1
Days Past Due
Days Past Due
Days Past Due
Days Past Due
2
Balance
Not Past Due
1-30
31-60
61-90
Over 90
3
Total receivables
1,145,200.00
610,600.00
236,000.00
119,400.00
106,300.00
72,900.00
4
Percentage uncollectible
2.0%
6.0%
16.0%
34.0%
74.0%
Kirchhoff Industries has a past history of uncollectible accounts, as shown below.
Age Class
PercentUncollectible
Not past due
2%
1-30 days past due
6
31-60 days past due
25
61-90 days past due
35
Over 90 days past due
50
Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below.
Kirchhoff IndustriesAging of Receivables Schedule
Customer
Balance
Not PastDue
1-30 DaysPast Due
31-60 DaysPast Due
61-90 DaysPast Due
Over 90 DaysPast Due
Subtotals
553,700
326,700
121,800
49,800
27,700
27,700
Conover Industries
18,900
18,900
Keystone Company
22,000
22,000
Moxie Creek Inc.
4,800
4,800
Rainbow Company
12,000
12,000
Swanson Company
27,700
27,700
Total receivables
639,100
354,400
133,800
54,600
49,700
46,600
Percentage uncollectible
2%
6%
25%
35%
50%
Allowance for Doubtful Accounts
fill in the blank 1
fill in the blank 2
fill in the blank 3…
Evers Industries has a past history of uncollectible accounts, as follows.
Age Class
Percent Uncollectible
Not past due
3%
1–30 days past due
4
31–60 days past due
18
61–90 days past due
38
Over 90 days past due
90
Estimate the allowance for doubtful accounts, based on the aging of receivables information provided in the Aging of Receivables Schedule page.
Evers Industries
Estimate of Allowance for Doubtful Accounts
1
Days Past Due
Days Past Due
Days Past Due
Days Past Due
2
Balance
Not Past Due
1-30
31-60
61-90
Over 90
3
Total receivables
1,147,400.00
610,600.00
236,400.00
120,300.00
105,300.00
74,800.00
4
Percentage uncollectible
3.0%
4.0%
18.0%
38.0%
90.0%
5
Allowance for doubtful accounts
Chapter 9 Solutions
Financial Accounting
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- Estimating allowance for doubtful accounts Evers Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 8-8.arrow_forwardWaddell Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8. The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.arrow_forwardUsing data in Exercise 9-9, assume that the allowance for doubtful accounts for Waddell Industries has a credit balance of 6,350 before adjustment on August 31. Journalize the adjusting entry for uncollectible accounts as of August 31. Waddell Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8. The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.arrow_forward
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Accounts Receivable and Accounts Payable; Author: The Finance Storyteller;https://www.youtube.com/watch?v=x_aUWbQa878;License: Standard Youtube License