View the step-by-step solution to: Ex 6-7 Attached is my questions, this is a practice problem and I

Ex 6-7 Attached is my questions, this is...
This question was answered on Feb 28, 2013. View the Answer
Ex 6-7 Attached is my questions, this is a practice problem and I am preparing for the midterm.
Ecxercise 6-7.xlsx

Exercise 6-7 Estimating doubtful accounts
Newbury Bikes Co. is a wholesaler of motorcycle supplies. An aging of the
company's accounts receivable on December 31, 2012, and a historical
analysis of the percentage of uncollectible accounts in each age category are as follows:
Age Interval
No past due
1-30 days past due
31-60 days past due
61-90 days past due
91-180 days past due
Over 180 days past due

Balance
$667,000
158,000
54,000
20,500
15,000
10,500
$925,000

Percent Uncollectible
1/2%
2
5
15
40
75

Estimate what the balance of the allowance for doubtful accounts should be as of December 31, 2012.

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Solution to exercise 6-7 (dwillz7208, Mar 1).xlsx

Exercise 6-7 Estimating doubtful accounts
Newbury Bikes Co. is a wholesaler of motorcycle supplies. An aging of the
company's accounts receivable on December 31, 2012, and a historical
analysis of...

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