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Question - Sheffield Company has accounts receivable of $114,600 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $1,300 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below.
Age of Accounts
Balance, March 31
Estimated Percentage Uncollectible
2022
2021
Current
$75,200
$75,000
2%
1-30 days past due
23,100
8,000
5%
31-90 days past due
9,000
2,400
22%
Over 90 days past due
7,300
1,100
51%
$114,600
$86,500
Required - Determine the total estimated uncollectibles at March 31, 2022.
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