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Calculate and insert the balance of the allowance

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Question - Magic Animation Corporation has aged its accounts receivable and estimated uncollectible accounts as follows (in thousands) as at December 31, 2019:

Age of Receivables

Balance (000's)

Estimated % uncollectible

Current

$4,000

1%

30-60 days past due

1,600

3%

61-90 days past due

900

6%

Over 90 days past due

510

10%

Total

$7,010

 

Required -

1. Calculate and insert the balance of the allowance for uncollectible accounts at December 31, 2019?

2. Show how Magic Animation will present the accounts receivable balance in its balance sheet?

Reference no: EM133052675

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