Ayayai Corporation operates in an industry that has...
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Ayayai Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Ayayai's Accounts Receivable account was $593.500 and Allowance for Doubtful Accounts had a credit balance of $40.290. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Amount Days Account Outstanding Less than 16 days Between 16 and 30 days Between 31 and 45 days Between 46 and 60 days Between 61 and 75 days Over 75 days (to be written off) $316,600 110,600 85,800 44,800 20.900 14,800 Probability of Collection 0.97 0.90 0.87 0.82 0.54 0.00 Show how accounts receivable would be presented on the balance sheet. AYAYAI CORPORATION Balance Sheet (Partial) $ Accounts Receivable $ 593500 Less Allowance for Doubtful Accounts: 49390 Net Accounts Receivable $ $ 544110
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