Evers Industries has a past history of uncollectible accounts, as follows. Age C

Question

Evers Industries has a past history of uncollectible accounts, as follows.

Age Class

Percent Uncollectible

Estimate the allowance for doubtful accounts, based on the aging of receivables information provided in the Aging of Receivables Schedule page.

1

Days Past Due

Days Past Due

Days Past Due

Days Past Due

2

Balance

Not Past Due

1-30

31-60

61-90

Over 90

3

Total receivables

1,147,300.00

609,500.00

232,500.00

123,000.00

107,600.00

74,700.00

4

Percentage uncollectible

3.0%

5.0%

12.0%

37.0%

79.0%

5

Allowance for doubtful accounts

Evers Industries

Estimate of Allowance for Doubtful Accounts

Age Class

Percent Uncollectible

Not past due 3% 1–30 days past due 5 31–60 days past due 12 61–90 days past due 37 Over 90 days past due 79

Explanation / Answer

Allowance for Doubtful Accounts : $ 143,495

Days past due Amount Percent Uncollectible Amount Uncollectible $ $ Not past due 609,500 3% 18,285 1-30 days 232,500 5 11,625 31-60 days 123,000 12 14,760 61-90 days 107,600 37 39,812 Past 90 days 74,700 79 59,013 $ 1,147,300 $ 143,495

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