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Menge Company has accounts receivable of $108,600 at March 31.
Month of Sale Balance, March 31 Average Ageof ReceivablesOutstandingMarch $72,300 16 daysFebruary 18,200 48 daysJanuary 9,300 73 daysPrior to January 8,800 110 days108,600
Credit terms are 2/10, n/30. At March 31, Allowance for Doubtful Accounts has a credit balance of $1,500 prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimate of bad debts is shown below.
Age of Accounts Estimated Percentage
Uncollectible
1-30 days 4.0%31-60 days 7.0%61-90 days 24.0%Over 90 days 55.0% (a) Determine the total estimated uncollectibles.
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