Reference no: EM132815214
Question - Questions use an aging analysis to estimate the amount of uncollectible accounts and assess the reasonableness of allowance of double accounts of Company. Company A sets up an aging schedule with five different time categories 0-30 days, 31-60 days, 61-90 days, 91 to 120 days, and over 120 days. Any invoices falling into the time categories representing periods greater than 30 days are cause for an increasing sense of alarm, especially if they drop into the oldest time category. Based on past experience, Company A applies the following percentages to the categories: under 30 days 0.8%, 31-60 days 4%, 61-90 days 15%, 91-120 days, 20%, over 120 days 25%.
Calculate the allowance for doubtful account for each item below.
1) How much is estimated balance for each time category?
2) How much is estimated balance for customer 1, 7 and 15?
3) How much is total estimated balance for 2018?
4) The ending balance of Company A's allowance for doubtful account has a balance of $540,250. Based on your analysis, how much should be recognized as expense for doubtful account for 2018.
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