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Category > Business & Finance Posted 14 Dec 2017 My Price 10.00

accounts based on the aging schedule

For the problem below, I've calculated the Allowance for Doubtful accounts but I am confused if the net realizable value is 389,000 minus 61,910 or 556,000 minus 61,910? The 389,000 is provided in the problem and the 556,000 is the sum of all the amounts in the table provided from the aging schedule.

 

Chatter Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Chatter’s accounts receivable account is $389,000, and the allowance for doubtful accounts has a debit balance of $5,000. The year-end balance reported in the balance sheet for the allowance for doubtful accounts will be based on the aging schedule shown here:

Days Account Outstanding

Amount

Probability of Collection

Less than 16 days 

$293,000

.97

Between 16 and 30 days 

102,000

.89

Between 31 and 45 days 

  70,000

.83

Between 46 and 60 days

  55,000

.76

Between 61 and 75 days

  28,000

.60

Over 75 days

  8,000

.30

Answers

CourseLover
(12)
Status NEW Posted 14 Dec 2017 03:12 PM My Price 10.00

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