Question: Please show work Gray Tabby, Inc. provided the following aging of its receivables at December 31. Age of Accounts Receivables Balance Estimated % Uncollectible 0-30

Please show work Gray Tabby, Inc. provided the following aging of

Please show work

Gray Tabby, Inc. provided the following aging of its receivables at December 31. Age of Accounts Receivables Balance Estimated % Uncollectible 0-30 days $368,000 0.80% 31 to 60 day 192,000 4.8% 61 to 90 days 68,000 12.0% 91 to 120 days 41,600 18.2% Over 121 days 22,400 76.4% Total $692,000 1. How much will Gray Tabby report as allowance for uncollectible accounts for the year? 2. How much is the net realizable value of Gray Tabby's receivables at year end? 3. The balance at the beginning of the year in the allowance account was $23,760. Discuss the adjustment needed to meet the required allowance balance at year end

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