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How much will tiberius report as bad debts expense for year

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Reference no: EM133140923

Question - Tiberius, Inc. provided the following aging of its receivables at December 31.

Age of Accounts

Receivables Balance

Estimated % Uncollectible

0-30 days

$184,000

0.4%

31 to 60 day

96,000

2.4%

61 to 90 days

34,000

6.0%

91 to 120 days

21,000

9.1%

Over 121 days

11,000

51.4%

Total

$346,000

During the year, $12,512 of receivables were written off. The balance at the beginning of the year in the allowance account was $12,000.

Required -

a. How much will Tiberius report as bad debts expense for the year?   

b. How much is the net value of Tiberius's receivables at year end?

Reference no: EM133140923

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