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Question -
Proehl Corporation has accounts receivable of $101,860 at March 31, 2015. An analysis of the accounts shows these amounts:
Balance, March 31
2015
2014
March (current)
$69,100
$75,420
February (1 - 30 days past due)
14,900
8,950
December and January (31 - 90 days past due)
10,860
2,280
November and October (over 90 days past due)
7,000
1,330
$101,860
$87,980
Credit terms are 2/10, n/30. At March 31, 2014, there is a $2,090 credit balance in Allowance for Doubtful Accounts prior to estimating uncollectible accounts. The company's estimates of bad debts are as shown below.
Age of Accounts
Estimated Percentage Uncollectible
Current
2%
1-30 days past due
6%
31-90 days past due
30%
Over 90 days past due
50%
Prepare an aging schedule to determine the total estimated uncollectibles at March 31, 2015.
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