A Partially Competed Aging of Receivables Schedule for Lindy Designs $\quad$

question 47

Essay

A partially competed aging of receivables schedule for Lindy Designs' is shown below.Calculate the amount that is estimated to be uncollectible.
a Determine the amount estimated to be uncollectible by completing the aging of receivables schedule.Round calculations to the nearest dollar.
a $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\quad$$\quad$$\quad$ $\quad$ $\quad$ $\quad$ $\text { Est Uncollectible Accts }$$\quad$
$\begin{array}{|l|r|r|r|}\hline \text { Age Interval } & \text { Balance } & \text { \quad Percentage } & \text { \quad Amount: } \\\hline \text { Not past due } & 550,000 & 2.50 \% \\\hline 1 \sim 30 \text { days past due } & 96,500 & 4.00 \% \\\hline 31 \sim 60 \text { days past due } & 43,750 & 9.50 \% \\\hline 61 \sim 90 \text { days past due } & 22,250 & 16.00 \% \\\hline 91 \sim 180 \text { days past due } & 5,600 & 31.00 \% \\\hline 181 \sim 365 \text { days past due } & 3,100 & 60.00 \% \\\hline \text { Over } 365 \text { days past due } & 1,250 & 95.00 \% \\\hline \text { Total } & \underline{722.450} & \\\hline\end{array}$ b If the Allowance for Doubtful Accounts has a credit balance of $9,700,record the adjusting entry for
the bad debt expense for the year.
c If the Allowance for Doubtful Accounts has a debit balance of $9,700,record the adjusting entry for the bad debt expense for the year.

Identify the first step in program planning.

Recognize the characteristics of reliable web sources.

Comprehend the purpose and components of a goal statement.

Understand the importance of a timeline or plan in ensuring each step of a program is considered and implemented.

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Definitions:

Investment Sale

The process of selling securities or assets with the aim of generating returns such as capital gains or income.

Parent Company

A corporation that owns enough voting stock in another corporation to control its board of directors and therefore its policies and management.

Subsidiary

A company that is controlled by another entity, known as the parent company, through ownership of more than half of its voting stock or through other means.

Consolidated Net Income

The total profit of a parent company and its subsidiaries after all expenses, including those of subsidiary companies, are subtracted.