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P7-3 (Lo3) EXCEL (Bad-Debt R Aging) Manilow n operates...

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Accounting

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P7-3 (Lo3) EXCEL (Bad-Debt R Aging) Manilow n operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Manilow's Accounts Receivable account was $555,000 and Allowance for Doubtful Accounts had a credit of $40,000. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below Collection Days Account Outstanding 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 Amount $300,000 80,000 20.000 (a) What is the appropriate ba b) Show how accounts receivable would be presented on the balance sheet. CMA adapted)

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