Valdez Company uses the percent of receivables method to estimate uncollectible accounts expense. Valdez began 2011 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $46,750 and $3,070 (credit), respectively. During the year, the company wrote off $4,020 in uncollectible accounts. In preparation for the company's 2011 estimate, Valdez prepared the following aging schedule (Do not round your intermediate calculations. Round your final answer to two decimal places):

What will Valdez record as Uncollectible Accounts Expense for 2011?

$4,020.00

$10,668.10

$12,391.10

$11,618.10

Transcribed Image Text:

Number of Days Past Due Current 0-30 31-60 61-90 Over 90 Total Receivables Amount $27,700 $14,650 $2,650 $1,280 $1,800 $48,080 % Likely to be Uncollectible 18% 22% 27% 42% 67% Number of Days Past Due Current 0-30 31-60 61-90 Over 90 Total Receivables Amount $27,700 $14,650 $2,650 $1,280 $1,800 $48,080 % Likely to be Uncollectible 18% 22% 27% 42% 67%

Answer rating: 100% (QA)

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