Chapter 5 HW Navigation | 1 | 2 | 3 | 4 5 16 | 7 | 8 9 10 Finish attempt... eBook Print Question 6 Incorrect Mark 0.00 out of 10.00 P Flag question Estimating Bad Debts Expense and Reporting Receivables At December 31, Barber Company had a balance of $588,000 in its accounts receivable and an unused balance of $3,640 in its allowance for uncollectible accounts. The company then aged its accounts as follows. Current $484,400 1-60 days past due 67,200 61-180 days past due 23,800 Over 180 days past due 12,600 Total accounts receivable $588,000 The company has experienced losses as follows: 1% of current balances, 5% of balances 1-60 days past due, 15% of balances 61-180 days past due, and 40% of balances over 180 days past due. The company continues to base its allowance for uncollectible accounts on this aging analysis and percentages. a. What amount of bad debts expense does Barber report on its income statement for the year? $ 0 x b. Show how Barber's December 31 balance sheet will report the accounts receivable and the allowance for uncollectible accounts. Note: Round your answers to the nearest whole dollar. Note: Do not use a negative sign with your answers. Current Assets Accounts receivable Less allowance for uncollectible accounts X $ Check