Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ivanhoe company has accounts receivable of $95,500

Ivanhoe Company has accounts receivable of $95,500 at March 31, 2022. Credit terms are 2/10,...

70.2K

Verified Solution

Question

Accounting

image
image
Ivanhoe Company has accounts receivable of $95,500 at March 31, 2022. Credit terms are 2/10, 1/30. At March 31, 2022, there is a $2,296 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Balance, March 31 Estimated Percentage Age of Accounts 2022 2021 Uncollectible Current $66,400 $68.240 2 % 1-30 days past due 12,600 7.280 5 31-90 days past due 9,100 2.540 28 Over 90 days past due 7,400 1,090 $95.500 $79,150 48 (a) Determine the total estimated uncollectibles at March 31, 2022 $95,500 $79,150 (a) Determine the total estimated uncollectibles at March 31, 2022. Total estimated uncollectibles $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students