Use the following data to prepare an estimate of bad debts for the Conner Law...
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Accounting
Use the following data to prepare an estimate of bad debts for the Conner Law Firm for December 31, 2016 using the aging method:
Accounts:
0 to 30 days late . . . $60,000
31 to 60 days late. . . $6,000
61 to 90 days late . . . $3,500
Over 90 days late - - - $2,000
Total A/R 12/31/16... $71,500
History has shown that the following percentage of each category turns out to be uncollectible:
0 to 30 days late . . . 1%
31 to 60 days late . . . 5%
61 to 90 days late . . . 30%
Over 90 days late . . . 50%
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