Reference no: EM132673098
Question - Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During 2021, the company provides services of $410,000 on account. Of this amount, $60,000 remains uncollected at the end of the year. An aging schedule as of December 31, 2021, is provided below.
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AGE GROUP
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AMOUNT RECEIVABLE
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ESTIMATED PERCENT UNCOLLECTABLE
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Not yet due
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$40,000
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3%
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0-30 days past due
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11,000
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4%
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31-60 days past due
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8,000
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11%
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More than 60 days past due
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1,000
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25%
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Required -
1. Calculate the allowance for uncollectible accounts.
2. Record the December 31, 2021, adjustment, assuming the balance of Allowance for Uncollectible Accounts before adjustment is $400 (debit).
3. On April 3, 2022, a customer's account balance of $500 is written off as uncollectible. Record the write-off.
4. On July 17, 2022, the customer whose account was written off in requirement 3 unexpectedly pays $100 of the amount but does not expect to pay any additional amounts. Record the cash collection.
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What were the current ratios
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