Business, 17.10.2020 20:01 Ashwaf23474
LaFond Company analyzes its accounts receivable at December 31, 2016, and arrives at the aged categories below along with the percentages that are estimated as uncollectible.
Age GroupAccounts ReceivableEstimated Loss %
Current (not past due)$250,0000.20%
1-30 days past due90,0001.0
31-60 days past due20,0002.0
61-120 days past due11,0005.0
121-180 days past due6,00010.0
Over 180 days past due4,00025.0
Total accounts receivable$381,000
At the beginning of the fourth quarter of 2016, there was a credit balance of $4,390 in the Allowance for Uncollectible Accounts. During the fourth quarter, LaFond Company wrote off $3,790 in receivables as uncollectible.
a. What amount of bad debts expense will LaFond report for 2016?
$Answer
Incorrect
Mark 0.00 out of 1.00
b. What is the balance of accounts receivable that it reports on its December 31, 2016, balance sheet?
$Answer
Incorrect
Mark 0.00 out of 1.00
c. Set up T-accounts for both Bad Debts Expense and for the Allowance for Uncollectible Accounts. Enter any unadjusted balances along with the dollar effects of the information described (including your results from parts a and b).
Bad Debts Expense
(a)Answer
Incorrect
Mark 0.00 out of 1.00
Answer
Correct
Mark 1.00 out of 1.00
BalanceAnswer
Incorrect
Mark 0.00 out of 1.00
Answer
Correct
Mark 1.00 out of 1.00
Allow. For Uncoll. Accounts
Beg. Bal. Answer
Incorrect
Mark 0.00 out of 1.00
Answer
Incorrect
Mark 0.00 out of 1.00
Write-offAnswer
Incorrect
Mark 0.00 out of 1.00
Answer
Incorrect
Mark 0.00 out of 1.00
(a)Answer
Correct
Mark 1.00 out of 1.00
Answer
Incorrect
Mark 0.00 out of 1.00
BalanceAnswer
Correct
Mark 1.00 out of 1.00
Answer
Answers: 1
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LaFond Company analyzes its accounts receivable at December 31, 2016, and arrives at the aged catego...
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