Table A summarizes the historical Accounts Receivables classifications and their default percentages in 2020 of your...
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Table A summarizes the historical Accounts Receivables classifications and their default percentages in 2020 of your company. Table B lists the current customers of your company and how much they owe. You, as a Junior Accountant, are asked to perform a Aging Schedule by your supervisor. Calculate the Net A/R based on the historical default percentages. (Do not use the $ sign. If your answer is $123,456.78, enter 123456.78) A/R Classifications % of Unocollectible 2021 A/R Customer A Customer B Customer C NDY= Not Due Yet Table A NDY 1-30 days late 7% 2% Total A/R $2,000 $8,000 $5,000 NDY $4,000 31-60 12% Table B 1-30 days late $500 $2,000 61-90 90+ 32% 45% 31-60 $500 $1,000 $2,000 61-90 90+ $3,000 $1,000 $1,000 Table A summarizes the historical Accounts Receivables classifications and their default percentages in 2020 of your company. Table B lists the current customers of your company and how much they owe. You, as a Junior Accountant, are asked to perform a Aging Schedule by your supervisor. Calculate the Net A/R based on the historical default percentages. (Do not use the $ sign. If your answer is $123,456.78, enter 123456.78) A/R Classifications % of Unocollectible 2021 A/R Customer A Customer B Customer C NDY= Not Due Yet Table A NDY 1-30 days late 7% 2% Total A/R $2,000 $8,000 $5,000 NDY $4,000 31-60 12% Table B 1-30 days late $500 $2,000 61-90 90+ 32% 45% 31-60 $500 $1,000 $2,000 61-90 90+ $3,000 $1,000 $1,000
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Step 1 Calculate the uncollectible amount for each AR classification for each customer For Customer ... View the full answer
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Auditing a risk based approach to conducting a quality audit
ISBN: 978-1133939153
9th edition
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
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