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An aging of Maligaya Company's accounts receivable on December 31, 2017 reveals the following information:
Time outstanding Amount of accounts receivable
Under 30 days 800,00030-60 days. 16,00061-120 days. 12,000121-180 days. 8,000Over 180 days. 4,000Total. 120,000
Based on past experience, the company believes that the following uncollectible percentages are appropriate: under 30 days, 1.5%; 30-60 days, 3%; 61-120 days, 15%; 121-180 days, 30%; over 180 days, 60%.
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