Novak Corp. uses the allowance method of accounting for uncollectibles. The company produced the following...
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Accounting
Novak Corp. uses the allowance method of accounting for uncollectibles. The company produced the following aging of the accounts receivable at year-end.
(a)
Calculate the total estimated uncollectibles based on the below information.
| Number of Days Outstanding | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total | 030 | 3160 | 6190 | 91120 | Over 120 | |||||||
| Accounts receivable | $559,100 | $259,300 | $126,900 | $71,200 | $54,500 | $47,200 | ||||||
| % uncollectible | 1% | 4% | 5% | 8% | 10% | |||||||
| Estimated uncollectibles | $enter the total estimated bad debts amount in dollars | $enter the estimated bad debts amount in dollars | $enter the estimated bad debts amount in dollars | $enter the estimated bad debts amount in dollars | $enter the estimated bad debts amount in dollars | $enter the estimated bad debts amount in dollars | ||||||
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