exercise 9-16 (algo) aging of receivables schedule lo p3\nfollowing is a list of credit customers along with…

exercise 9-16 (algo) aging of receivables schedule lo p3\nfollowing is a list of credit customers along with their amounts owed and the days past due at december 31. also show classifications of accounts receivable and estimated bad debts percent for each class.\npercent uncollectible 0 1 to 30 31 to 60 61 to 90 over 90\n1% 3% 5% 8% 12%\ncustomer accounts receivable days past due\nbcc company $ 4,400 12\nlannister company 1,400 0\nmike properties 5,400 114\nted reeves 700 71\njen steffens 2,400 39\ncomplete this question by entering your answers in the tabs below.\nrequired 1 required 2\ncreate an aging of accounts receivable schedule of accounts receivable by age similar to the table given above. calculate the estimated balance for the allowance for doubtful accounts.\nestimated balance for allowance for doubtful accounts

exercise 9-16 (algo) aging of receivables schedule lo p3\nfollowing is a list of credit customers along with their amounts owed and the days past due at december 31. also show classifications of accounts receivable and estimated bad debts percent for each class.\npercent uncollectible 0 1 to 30 31 to 60 61 to 90 over 90\n1% 3% 5% 8% 12%\ncustomer accounts receivable days past due\nbcc company $ 4,400 12\nlannister company 1,400 0\nmike properties 5,400 114\nted reeves 700 71\njen steffens 2,400 39\ncomplete this question by entering your answers in the tabs below.\nrequired 1 required 2\ncreate an aging of accounts receivable schedule of accounts receivable by age similar to the table given above. calculate the estimated balance for the allowance for doubtful accounts.\nestimated balance for allowance for doubtful accounts

Answer

Explanation:

Step1: Categorize customers by days past - due

BCC Company (12 days past - due) falls in 1 - 30 days category; Lannister Company (0 days past - due) in 0 days category; Mike Properties (114 days past - due) in over 90 days category; Ted Reeves (71 days past - due) in 61 - 90 days category; Jen Steffens (39 days past - due) in 31 - 60 days category.

Step2: Calculate estimated uncollectible amount for each customer

For BCC Company: $4400\times0.03 = 132$; for Lannister Company: $1400\times0.01=14$; for Mike Properties: $5400\times0.12 = 648$; for Ted Reeves: $700\times0.08 = 56$; for Jen Steffens: $2400\times0.05 = 120$.

Step3: Sum up estimated uncollectible amounts

$132 + 14+648+56+120=970$.

Answer:

$970$