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Mercy Hospital has the following balances on December 31, 2015,

Mercy Hospital has the following balances on December 31, 2015,

Mercy Hospital has the following balances on December 31, 2015, before any adjustments: accounts receivable = $104,000; allowance for uncollectible accounts = $3,600 (credit). Mercy estimates uncollectible accounts based on an aging of accounts receivable as shown below.

Required:
1. Estimate the amount of uncollectible receivables.
2. Record the adjustment for uncollectible accounts on December 31, 2015.
3. Calculate the net realizable value of accountsreceivable.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...

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Transcribed Image Text

Amount Receivable Estimated Percent Uncollectible Age Groujp Not yet due 0-30 days past due 31-90 days past due More than 90 days past due $53,000 27,000 15,000 9.000 $104.000 1590 20% 60% 7590 Total

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