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Big Bowl, Inc. uses the aging method to estimate its bad debts. The information below has been collected regarding the company's outstanding customer accounts and their probability of collection: Account Age Probability of Non-Collection Amount Owed 0-30 days 0.5% $652,800 31-60 days 1.0% 205,700 61-90 days 1.5% 128,000 91-120 days 3.0% 75,500 Over 120 days 15.0% 29,000 The balance in Big Bowl's' Allowance for Uncollectible Accounts account at year end before adjusting for a bad debt estimate is $360.
Problem 1: Calculate the following amounts for Big Bowl, Inc.:
A. Expected bad debt expense
B. Total balance in accounts receivable
C. Net realizable value of Big Bowl's accounts receivable
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