70.2K

Verified Solution

Link Copied!

PLEASEEE HELPPP THANK YOU SO MUCH!!

Trophy Fish Compary supplies fles and fishing gear to spocting goods stores and outtalers throeghout the western United states The accounta teceivatia cierk for Trophy Fish prepared the toliowing partialy compleyed aging of receivables schedule as of the end of business on Decembet.31, 20Y4. Tropty tith has a pest tistery of uncolectitle ascourst by ape categocr, as lotous: Maing of reccivalies; estimating allowance for doubtiri accounts Starting Cuecison Dheik My watk Aqing of receivables; estimating sllowance for doubtful accounts Aging of Recetvables Schedule Adolichat ovestich Eeneral Dournat Final euestion Aging of Rechivatwes Schedse Adescolidetixited Marg of Recevetist Schedult ched He wer. 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. for uncollectiole accourits 5 Assuming that the adustivg entry in (4) was inedrefentyromitted, how mould the omisian affect the baiance sheet and income stafement? On the baiance sheel, assets would be by. because the atowance for doubtul accoanti would be by In addition, the stochididers ecucy (retained eamings) would be because bad debt expense would Tropty Fish Company supplies flies and fishing gear to sporting goods stores and outhitters throughout the western United States. The accounts secetinable clerk for Trophy Fish Prepared the foliowing partially completed aging of recolvables schedule as of the end of businose on Docember 31,20Y4 The following accounts were unintentionaly omitted trom the aging schedule. Assume all due dates are tor the current year except for Wolle Sports, which is due in the next year. Trophy Fish has a past history of uncolectible accounts by age category, as follows: Trophy Fish has a past history of uncollectible accounts by age category, as follows: 1. Determine the number of days past due for each of the preceding accounts. If an account is not past due, enter a zero. 2. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. 3. Estimate the allowance for doubtful accounts, based on the aging of recelvables schedule. 4. Assume that the allowance for doubtful accounts for Trophy Fish Company has a deblt balance of $3,500 before adjustment on December 31 . Joumake the adjusting entry for uncoliectible accounts. 5. Assuming that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income stafement? 1. Determine the number of days past due for each of the accounts below. If an account is not past due, enter a zero. 2. Complete the aging of recevables schepdule by adding the omired accounts to the botrom of the schedule and updabng the totals. Aging of Receivables Schadule Bromi Tiout Py Shop Togs Fish Adventules 4. Sibtatals \begin{tabular}{|r|l|l|l|l|} \hline 7,0000 & & & 7,6000 & \\ \hline & & & & \\ \hline 3900,00 & & 3,900,00 & & \\ \hline 1319,30000 & 759,20000 & 299,00000 & 129,30000 & 36,00000 \\ \hline \end{tabular} 1. Acarns Spots 6 Flies 1. Bue Dun fles it Gada Fish Co 11 Deschutes Sports 4 Green fiver Sports 1) Smith fover Co. 4 Westem Trout Comparir th Wolfe Sports if Totals 1) Percentage uncolilectiole it Estirate of unceliectible actounts 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. 4. Ascume that the allowance for doubtul accounts for Troply Fish Company has a deblt balance of s3,500 beiore adfustmant on December 31 . Joutnalize the adiusting entry for uncolteribie ageounte. On the balance sheet, assets would be secause the allowance for doubtful accounts would be addition. the steckholders' equty (retained earnings) would be by because bad debt expense would bo and not income by on the income statement

Answer & Explanation Solved by verified expert

See Answer