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Flounder Trading is a merchandising wholesaler that sells to corner stores in the community, Lately,...

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Accounting

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Flounder Trading is a merchandising wholesaler that sells to corner stores in the community, Lately, because of the economic conditions, some of Flounder's customers have been experiencing financial difficulties and so Flounder has to pay a greatdeal of attention to the collection of accounts receivable. Before any year-end adjustments, the balance in Flounder's Accounts Receivable account was $635,000 and the Allowance for Doubtful Accounts had a credit balance of $35,000. The company uses an aging schedule to determine the totalestimated uncollectible amounts at its year end, December 31 : Detvveen tu din uu uays Between 61 and 75 days Over 75 days Total 22,000$635,000 (a) Calculate the balance in the Allowance for Doubtful Accounts based on the aging schedule. vutstanding Amount collection uncorrectibre Less than 16 days % Between 16 and 30 days Between 31 and 45 days Between 46 and 60 days Between 61 and 75 days Over 75 days Total 5

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