Table A summarizes the historical Accounts Receivables classifications and their default percentages in 2020. Table...
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Finance
Table A summarizes the historical Accounts Receivables classifications and their default percentages in 2020. Table B lists the current customers of your company and how much they owe. You, as a Junior Accountant, are asked to perform an Aging Schedule by your supervisor. Calculate the Net A/R based on the historical default percentages.
| Table A | |
| Historical A/R Classifications | Default Percentages |
| Not Due Yet (NDY) | 3% |
| 1-30 days late | 5% |
| 31-60 days late | 8% |
| 61-90 days late | 17% |
| 90+ days late | 28% |
| Table B | ||||||
| 2021 A/R | Amounts to be Collected | NDY | 1-30 days late | 31-60 | 61-90 | 90+ |
| Customer A | $2,000 |
| $500 | $500 |
| $1,000 |
| Customer B | $8,000 | $4,000 |
| $1,000 | $3,000 |
|
| Customer C | $5,000 |
| $2,000 | $2,000 |
| $1,000 |
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