Question: Please help PART B - Question 4 (10 marks) Fife, Inc. has the following account balances at December 31, 2005: Accounts Receivable $185,600 and Allowance

Please help

PART B - Question 4 (10 marks) Fife, Inc. has the following account balances at December 31, 2005: Accounts Receivable $185,600 and Allowance for Doubtful Accounts $1,600 (credit balance). Fife uses the aging of accounts receivable to estimate bad debts. The following aging schedule reflects the situation at year-end: Estimated Age Group Uncollectible Account Age Balance Percentage Current $96,000 2.0 1-30 days past due 64,000 5.0 31-60 days past due 16,000 15.0 61-90 days past due 6,400 35.0 Over 90 days past due 3,200 45.0 (1) Calculate the amount of the Allowance for Doubtful Accounts that should appear on the December 31, 20X5, balance sheet. (2) Prepare the journal entry to record 20X5 bad debts expense

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Please help PART B - Question 4 (10 marks) Fife, Inc. has the following account balances at December 31, 2005: Accounts Receivable $185,600 and Allowance for Doubtful Accounts $1,600 (credit...

Question 6: (10 marks) Fife Company has the following account balances at December 31 of 2019: Accounts Receivable $42,400 and Allowance for Doubtful Accounts $1,600 (credit balance). Fife uses the...

It seems I am over $87,790, what entries are not correct? ASSETS Indiana Jones, Inc. Summary of Account Balances December 31, 2005 Accounts Balances Cash 193,545 Short-term Investments 50,000...

Box Parts Cap der & Footer Text 13 Question 10 14 Fife, Inc. has the following account balances at December 31 of the current year: Accounts Receivable $185,600 and Allowance for Doubtful Accounts...

Heckler Machinery, reported the following account balances on January 1. Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Debit $5,000 Credit $ 30,000 100,000 Allowance for...

Please help with the classified balance sheet. American Laser, Inc, reported the following account balances on January 1, Credit Debit $5,000 $ 30,000 126,000 2.000 D Accounts Receivable Accumulated...

help! Question 8 12 points] Zcom Inc. showed the following account balances at December 31, 2015: Accounts receivable, $333,500; Allowance for doubtful accounts, $2,100; Sales (all on credit),...

Question 1 On January 2, 2021, Vampire Inc. entered into a contract to construct a high-rise building for $9,000,000. Construction started shortly after the contract was signed and was completed at...

Rank the three worst villains in the film Wall Street: Money Never Sleeps (2010). Explain your ranking.

Write a proposal that describes the development and design process for Overpopulation and crowding at juvenile institutions and courts: identify the target population and describe how you identified...

Question 9 of 1 5 c 0 Which of these is NOT a function of the basal ganglia? association or habit learning motivation motor control balance

4 5 7 8 Irish Pub Staffing Total number of servers Revenue @ $600 per server $ 2,400.00 Wages @$96.00 per server $ 384.00 Beverage Cost @ 25% $ 600.00 Revenue remaining after wages and beverage costs...