Calculate the percentage expected to be uncollectible

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Question - At January 1, 2019, ABC Company reported an allowance for doubtful accounts with a $3,500 credit balance. During 2019, ABC Company did not write-off any accounts receivable as uncollectible; however, ABC did record recoveries of previously written-off accounts receivable totaling $1,000. ABC Company prepared the following aging schedule at December 31, 2019:

 

Accounts Receivable

% Uncollectible

Not past due

$103,600

2%

1-30 days past due

31,600

6%

31-60 days past due

?

8%

61-90 days past due

23,400

?

Over 90 days past due

2,800

45%

Based on the above information, ABC Company estimated its bad debt expense to be $5,800 for 2019. It is known that the net realizable value of ABC Company's accounts receivable at December 31, 2019 amounted to $153,075.

Required - Calculate the percentage expected to be uncollectible for the accounts receivable that were 61-90 days past due.

Reference no: EM132476874

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