Nick has provided a detailed aging schedule of accounts receivable below. Based on past collections history,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Nick has provided a detailed aging schedule of accounts receivable below. Based on past collections history, management estimates the percentage uncollectible as follows: Number of days outstanding 0-30 31-60 61-90 91-120 over 120 Estimated percentage uncollectible 0.5% 2% 5% 10% 50% Required: Please see the requirements below the accounts receivable listing. Customer name Region Total 0-30 Days 31-60 Days 61-90 Days 91-120 days > 120 days 7,121.57 S 19,696.71 18,701.97 8,580.35 4,203.86 20,963.01 3,180.94 6,211,74 Dr. Roger Goyette Dr. Camila Schuppe Dr. Juanita Zboncak 7,121.57 14,069.08 S 18,701.97 8,580.35 Central South 5,627.63 Dr. Terence Smitham Dr. Carmella Lebsack Dr. Michaela Zulauf Central South South 1.050.97 S 2.101.93 S 1,050.97 YYC 20,963.01 Dr. Hillary Schuppe North 397.62 2,783.32 6,211.74 6,020.09 Dr. Isabella Stokes YEG Dr. Camylle Wuckert Dr. Molly Stracke Dr. Stacy Kuhlman St. Central 6,020.09 2,861.78 18,797.70 20,368. 12 20,452.36 8,440.11 7,576.29 13,000.84 12,003.00 South 2,861.78 South 18,797.70 Dr. Aubree Hermiston YYC 20,368. 12 7,669.63 Dr. Judy Ziemann Dr. Charley Wiklerman Dr. Cletus Bashirian Dr. Tyree Gorezany Dr. Dianna Mohr North 12,782.72 South Central South 8,440.11 5,251.29 13,000.84 2,325.00 12,003.00 4,375.23 YEG Dr. Mackenzie Koch YYC 4,375.23 21,876.13 12,509.34 3,404.36 10,521.92 18,716.63 7,322.24 8,271.29 5,812.80 16,432.68 13,125.68 12,509.34 3,404.36 10,521.92 Dr. Winona Doyle Dr. Bennett Beer IV Dr. Bennie Romaguera Dr. Deja Daniel Dr. Elvera Fisher Sr Dr. Noemie Prohaska YYC YEG South YYC 18,716.63 YYC 7,322 24 8,271.29 1,453.20 North Dr. Emely Aufderhar Dr. Fredrick Doyle North 4,359.60 11,182.68 YEG 5,250.00 Dr. Kin Hammes North 20.126.83 20,126.83 Dr. Maud Mayer South 13,059.81 7,823.48 13,059.81 Dr. Bell Grimes YEG 7,823.48 Dr. Bradly Monahan Dr. Roscoe Daugherty Dr. Haylee Mitchell YEG 21,318.94 33,067.50 17,055.15 17,317.50 4,263.79 YEG 15,750.00 YYC 12,014.70 11.673.60 9,408.23 12,014.70 Dr. Carrie Schiller North 11,673.60 Dr. Bertha Mayert Central 9.408.23 16,020.49 11,266.42 8,387.08 Dr. Alba Barton YEG South 16,020.49 11,266.42 Dr. Misty Ankunding Dr. Elaina Monahan South Dr. Sylvan Runolfsson Dr. Jonas Spinka Dr. Delphia Schultz Dr. Telly Pfeffer Dr. Lamar Mayer 8,387.08 20.818.92 12,356.97 14,376.95 Central 20,818.92 North 12,356.97 North 14,376.95 6,496.50 17,858.06 5,503.30 5,006.57 9,924.43 15,779.27 South 1,246.50 5,250.00 YEG North North North Central 17.858.06 Dr. Eve Dicki Dr. Florence Balistreri Dr. Alana Feeney Dr. Cheyenne Steuber Dr. Edison Bergstrom Dr. Herta Anderson Dr. Maci Weissnat 5,503.30 5,006.57 9,924.43 15,779.27 6,177.15 YYC Central YEG 6,177.15 10,173.78 10,173.78 7,794.23 7,794.23 4,457.13 Dr. Godfrey Lemke Dr. Karley Adams Dr. Meagan Deckow Dr. Earlene Considine YYC 5,571.42 5,336.24 1,114.28 5,336.24 21,275.12 North South 21,275.12 South 14,215.77 14,215.77 17,753.97 4,320.33 Dr. Alec Altenwerth South 21,000.00 38,753.97 21,120.33 Dr. Bret Nolan V North 16,800.00 4,303.26 10,569. 18 15,566.87 18,239.14 21,510.26 Dr. Talia Satterfield Dr. Caden Stokes YEG 4,303.26 North 10,569.18 Dr. Kylee Tillman Dr. Braeden Nikolaus 15,566.87 18,239.14 YEG YYC Dr. Toney Ullrich Total YEG 21,510.26 775,942.62 S 476,914.92 S 149,713.16 S 97,610.91 S 25,602.49 S 26,101.13 1. Determine the total estimated amount uncollectible (ending AFDA). % uncollectible Amount uncollectible TOTAL AFDA 2. Prepare the journal entry on December 31st to adjust the allowance for doubtful accounts to the appropriate ending balance. The allowance for doubtful accounts has an unadjusted credit balance of $4,500. Date Account Titles Debit Credit 3. Critical Thinking: How would the journal entry you've just ereated affect the accounts receivable turnover and average collection period that you calculated in Question 7? 4. Create a bar chart that shows accounts receivable by age. 4. Create a bar chart that shows accounts reccivable by age. What can you surmise from this bar chart? Comments: 5. Create a pie chart that shows customers accounts receivable by region. Sales occur in Alberta and management uses five regions - YEG, YCC, South, North and Central. What can you surmise from this pie chart? Comments: Nick has provided a detailed aging schedule of accounts receivable below. Based on past collections history, management estimates the percentage uncollectible as follows: Number of days outstanding 0-30 31-60 61-90 91-120 over 120 Estimated percentage uncollectible 0.5% 2% 5% 10% 50% Required: Please see the requirements below the accounts receivable listing. Customer name Region Total 0-30 Days 31-60 Days 61-90 Days 91-120 days > 120 days 7,121.57 S 19,696.71 18,701.97 8,580.35 4,203.86 20,963.01 3,180.94 6,211,74 Dr. Roger Goyette Dr. Camila Schuppe Dr. Juanita Zboncak 7,121.57 14,069.08 S 18,701.97 8,580.35 Central South 5,627.63 Dr. Terence Smitham Dr. Carmella Lebsack Dr. Michaela Zulauf Central South South 1.050.97 S 2.101.93 S 1,050.97 YYC 20,963.01 Dr. Hillary Schuppe North 397.62 2,783.32 6,211.74 6,020.09 Dr. Isabella Stokes YEG Dr. Camylle Wuckert Dr. Molly Stracke Dr. Stacy Kuhlman St. Central 6,020.09 2,861.78 18,797.70 20,368. 12 20,452.36 8,440.11 7,576.29 13,000.84 12,003.00 South 2,861.78 South 18,797.70 Dr. Aubree Hermiston YYC 20,368. 12 7,669.63 Dr. Judy Ziemann Dr. Charley Wiklerman Dr. Cletus Bashirian Dr. Tyree Gorezany Dr. Dianna Mohr North 12,782.72 South Central South 8,440.11 5,251.29 13,000.84 2,325.00 12,003.00 4,375.23 YEG Dr. Mackenzie Koch YYC 4,375.23 21,876.13 12,509.34 3,404.36 10,521.92 18,716.63 7,322.24 8,271.29 5,812.80 16,432.68 13,125.68 12,509.34 3,404.36 10,521.92 Dr. Winona Doyle Dr. Bennett Beer IV Dr. Bennie Romaguera Dr. Deja Daniel Dr. Elvera Fisher Sr Dr. Noemie Prohaska YYC YEG South YYC 18,716.63 YYC 7,322 24 8,271.29 1,453.20 North Dr. Emely Aufderhar Dr. Fredrick Doyle North 4,359.60 11,182.68 YEG 5,250.00 Dr. Kin Hammes North 20.126.83 20,126.83 Dr. Maud Mayer South 13,059.81 7,823.48 13,059.81 Dr. Bell Grimes YEG 7,823.48 Dr. Bradly Monahan Dr. Roscoe Daugherty Dr. Haylee Mitchell YEG 21,318.94 33,067.50 17,055.15 17,317.50 4,263.79 YEG 15,750.00 YYC 12,014.70 11.673.60 9,408.23 12,014.70 Dr. Carrie Schiller North 11,673.60 Dr. Bertha Mayert Central 9.408.23 16,020.49 11,266.42 8,387.08 Dr. Alba Barton YEG South 16,020.49 11,266.42 Dr. Misty Ankunding Dr. Elaina Monahan South Dr. Sylvan Runolfsson Dr. Jonas Spinka Dr. Delphia Schultz Dr. Telly Pfeffer Dr. Lamar Mayer 8,387.08 20.818.92 12,356.97 14,376.95 Central 20,818.92 North 12,356.97 North 14,376.95 6,496.50 17,858.06 5,503.30 5,006.57 9,924.43 15,779.27 South 1,246.50 5,250.00 YEG North North North Central 17.858.06 Dr. Eve Dicki Dr. Florence Balistreri Dr. Alana Feeney Dr. Cheyenne Steuber Dr. Edison Bergstrom Dr. Herta Anderson Dr. Maci Weissnat 5,503.30 5,006.57 9,924.43 15,779.27 6,177.15 YYC Central YEG 6,177.15 10,173.78 10,173.78 7,794.23 7,794.23 4,457.13 Dr. Godfrey Lemke Dr. Karley Adams Dr. Meagan Deckow Dr. Earlene Considine YYC 5,571.42 5,336.24 1,114.28 5,336.24 21,275.12 North South 21,275.12 South 14,215.77 14,215.77 17,753.97 4,320.33 Dr. Alec Altenwerth South 21,000.00 38,753.97 21,120.33 Dr. Bret Nolan V North 16,800.00 4,303.26 10,569. 18 15,566.87 18,239.14 21,510.26 Dr. Talia Satterfield Dr. Caden Stokes YEG 4,303.26 North 10,569.18 Dr. Kylee Tillman Dr. Braeden Nikolaus 15,566.87 18,239.14 YEG YYC Dr. Toney Ullrich Total YEG 21,510.26 775,942.62 S 476,914.92 S 149,713.16 S 97,610.91 S 25,602.49 S 26,101.13 1. Determine the total estimated amount uncollectible (ending AFDA). % uncollectible Amount uncollectible TOTAL AFDA 2. Prepare the journal entry on December 31st to adjust the allowance for doubtful accounts to the appropriate ending balance. The allowance for doubtful accounts has an unadjusted credit balance of $4,500. Date Account Titles Debit Credit 3. Critical Thinking: How would the journal entry you've just ereated affect the accounts receivable turnover and average collection period that you calculated in Question 7? 4. Create a bar chart that shows accounts receivable by age. 4. Create a bar chart that shows accounts reccivable by age. What can you surmise from this bar chart? Comments: 5. Create a pie chart that shows customers accounts receivable by region. Sales occur in Alberta and management uses five regions - YEG, YCC, South, North and Central. What can you surmise from this pie chart? Comments:
Expert Answer:
Answer rating: 100% (QA)
Solution 1 Solution 4 Solution 5 figures in Customer name Region Total 030 Days 3160 Days 6190 Days ... View the full answer
Related Book For 
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date:
Students also viewed these accounting questions
-
Suppose T is a linear (1, 0, 0) (0, 1, 0) W = (0, 0, 1) Then I can be represented T = = transformation, T(u) T(v) = where = = T(w) by the matrix = (-2, 2, (2, -5, (5, - 3, 4) -4) -3) -
-
The information provided below was extracted from the accounting records of Goldrand Traders. 1. Extract from the Bank Reconciliation Statement on 31 January 2019 R 1400 1650 250 1800 1200 2. 3. 4....
-
NICK VISS Tommy at ranch. Although novice on horseback, Nick decides to join Tommy on a morning ride. Tommy suggests that Nick ride a newly bought wild stallion named Stan. While mounting Stan, Nick...
-
Let x be the number of magazines a person reads every week. Based on a sample survey of adults, the following probability distribution table was prepared. Find the mean and standard deviation of x. 0...
-
Show how you would synthesize the following alcohols by adding Grignard reagents to ethylene oxide. (a) 2-phenylethanol (b) 4-methylpentan-1-ol CH2CH2OH CH
-
Explain why the payback method cannot be recommended as the main method used by a company to assess potential investment projects.
-
As you have seen in this chapter, international trade law is founded on the importance and benefits of removing trade barriers. However, WTO rules also recognize the need to restrain trade in certain...
-
Kwik Pix is a large digital processing center that serves 130 outlets in grocery stores, service stations, camera and photo shops, and drug stores in 16 nearby towns. Kwik Pix operates 24 hours a...
-
5 Which one of the following correctly represents Sodium oxide? +2 XX a) Na 20 XX 6) 2NaOx x; 1-2 'xx' 1-2 c) 2 Na 20% c) Na XX XX 6 An element with atomic number_ will form a basic oxide. a) 7 (2,5)...
-
Funtime, Inc., manufactures video game machines. Market saturation and technological innovations caused pricing pressures that resulted in declining profits. To stem the slide in profits until new...
-
ABC. Inc is expected to pay a dividend of $23.03 per share. The dividends are expected to increase by 1% each year. The required rate of return on the stock is 16%. What is the stock's expected price...
-
A bullet of inertia \(m\) traveling at speed \(v\) is fired into a wooden block that has inertia \(4 m\) and rests on a level surface. The bullet passes through the block and emerges with speed \(v /...
-
A force varies with time according to the expression \(F=a \Delta t\), where \(a=2.0 \mathrm{~N} / \mathrm{s}\). From this information, can you determine the work done on a particle that experienced...
-
Two \(0.50-\mathrm{kg}\) carts are pushed toward each other from starting positions at cither end of a \(6.0-\mathrm{m}\) low-friction track. Each cart is pushed with a force of \(3.0 \mathrm{~N}\),...
-
In pushing a \(0.024-\mathrm{kg}\) dart into a toy dart gun, you have to exert an increasing force that tops out at \(6.0 \mathrm{~N}\) when the spring is compressed to a maximum value of \(0.12...
-
Hypotheses: \(H_{0}: M_{D}=0\) versus \(H_{1}: M_{D}>0\) with \(n=20\) and \(T_{-}=-65\). Use the Wilcoxon matched-pairs signedranks test to test the given hypotheses at the \(\alpha=0.05\) level of...
-
On January 1, 2000 Tiger Company acquired all of the stock of Rebel Company at book value Tiger Company accounts for its investment of Rebel Company using the initial value method and Rebel pays no...
-
As you rewrite these sentences, replace the cliches and buzzwords with plain language (if you don't recognize any of these terms, you can find definitions online): a. Being a jack-of-all-trades, Dave...
-
Over the course of 2015, the first year of operations, Medical Supplies, Inc. had the following income transactions: Sales Revenue of $ 4,340,000; Cost of Goods Sold of $ 1,936,000; Wage Expense of $...
-
Computing Basic and Diluted EPS, Convertible Bonds, Disclosures. Note the following partial income statement for Cassie Corporation for the current year. Partial Income Statement For the Current Year...
-
Rays Sporting Goods, Inc. shipped aluminum baseball bats on consignment to Mar-tin Stores on April 6, 2016. The total cost of the bats is $ 31,000 with a retail value of $ 50,000. Martin agrees to...
-
Novo Nordisk is a Denmark-based biopharmaceutical company with a focus on diabetes drugs. The company provides detailed disclosure of revenue along geographic, business segment, and product lines....
-
Use the data in Example 1 on Novo Nordisk to answer the following questions: i. Xiaoping Wu is an equity analyst covering European pharmaceutical companies for his clients in China. Wu projects that...
-
Walgreens and Rite Aid are two of the largest retail drugstore chains in the United States. For both companies, around two-thirds of their sales are from prescription pharmaceuticals, with the...
Study smarter with the SolutionInn App