Business, 01.04.2020 19:58, keenonwhite2612

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 %

0-30 days past due $ 180,000 1%

31-60 days past due 40,000 2

61-120 days past due 22,000 5

121-180 12,000 10

Over 180 days past due 8,000 25

Total accounts receivable $ 262,000

The unused balance of the allowance for uncollectible accounts on December 31, before any adjustments, is $1,040.

(a) What amount of bad debts expense will LaFond report in its income statement for the year?

Answers: 3

Show answers

Other questions on the subject: Business

Business, 22.06.2019 10:40, jonnaevans4856

You were able to purchase two tickets to an upcoming concert for $100 apiece when the concert was first announced three months ago. recently, you saw that stubhub was listing similar seats for $225 apiece. what does it cost you to attend the concert?

Answers: 1

continue

Business, 22.06.2019 11:00, cranfordjacori

The role of the credit department includes: a. evaluating customers' credit applications to determine whether they meet the company's approval standards. b. approving all credit applications in order to avoid losing sales. c. collecting cash from customers. d. following unwritten approval standards for processing customers' credit applications.

Answers: 2

continue

Business, 22.06.2019 18:00, lovecats12

Rosie and her brother michael decided recently to purchase an rv together. they both want to use the rv to take their families camping. the price of the rv was $10,000. since michael expects to use the rv 60% of the time and rosie 40% of the time, michael contributed $6,000 and rosie contributed $4,000. their ownership percentage equals their contribution percentage. which type of property titling should they use to reflect their ownership interest?

Answers: 1

continue

Business, 22.06.2019 19:30, dfrtgyuhijfghj4794

About 20 years ago, sturdy light, inc., produced a sturdy, lightweight backpack in a market that was rapidly growing. sturdy light became a leader in this market. eventually, the backpack market reached the maturity stage and slowed down. however, by this time, sturdy light had developed a strong brand name and continued to steadily lead the market. which of the following describes this scenario? a. sturdy light was a star that developed into a cash cow. b. sturdy light was a question mark that developed into a star. c. sturdy light was a dog that developed into a question mark. d. sturdy light was a cash cow that developed into a star.

Answers: 2

continue

Do you know the correct answer?

Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its acco...