Question: 1. Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for
1. Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. Accounts receivable amount Percent uncollectible Total per category Total uncollectible? 0-30 days 31-90 days Over 90 days past due past due past due $50,000 $30,000 8% 15% ? $15,000 30% To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. 0-60 days past due 61-120 days past due Over 120 days Accounts receivable amount $80,000 8% $10,000 15% past due $5,000 30% Percent uncollectible Total per category? Total uncollectible? Complete the following. A Complete each table by filling in the blanks. A. Accounts receivable amount Percentage uncollectible 0-30 days past 31-90 days past due Over 90 days past due $50,000 8% $30,000 15% due $15,000 30% Total per category Total uncollectible A. 0-60 days past due 61-120 days past due Over 120 days past due Accounts receivable amount $80,000 Percentage uncollectible 8% $10,0000 15% $5,000 30% Total per category Total uncollectible B. Determine the difference between total uncollectible. C. Explain how the new total uncollectible amount affects net income and accounts receivable. Fa (Ctrl)
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Answer A 030 days past due Accounts receivable amount 50000 Percentage uncollectible 8 Total per cat... View full answer
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