Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. exercise 8-06 c (essay) godfreid company has accou

Exercise 8-06 c (Essay) Godfreid Company has accounts receivable of $95,400 at March 31, 2022....

90.2K

Verified Solution

Question

Accounting

image

Exercise 8-06 c (Essay) Godfreid Company has accounts receivable of $95,400 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,100 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Balance, March 31 Estimated Percentage Age of Accounts 2022 2021 Uncollectible Current $65,000 $75,000 2% 1-30 days past due 12,900 8,000 31-90 days past due 10,100 2,400 Over 90 days past due_7,400 1,100 $95,400 $86,500 (c) Discuss the implications of the changes in the aging schedule from 2021 to 2022. Click if you would like to Show Work for this question: Open Show Work

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Find the quotient using long division.x + 4x +3x + 3

Algebra
Q

Discuss in details, and in your own words, the steps of protein synthesis. This is a...

Medical Sciences
Q

What is audit risk? What is the Audit Risk Model? What are the components of audit risk...

Accounting
Q

A typical bag of fertilizer contains high levels of nitrogen phosphorous and potassium but trace...

Biology
Q

Select the correct statement s 1 Viscosity of gases Increases with Increase i Temperature 2...

Physics
Q

Find the slopes of the curve y y2 x at the two points shown here...

Calculus
Q

Below the Adjusted Trial Balance for Torr's Towing Services is given. Using the Adjusted...

Accounting
Q

Your organization, located in Manitoba, will be enhancing the group benefits plan offered...

Accounting
Q

Assume that an investor owns 2,500 shares of $10 par value common stock and the...

Accounting
Q

Bramble Corp. has gathered the following information concerning one model of shoe: What is the...

Accounting
Q

HOPE THIS WILL BE BETTER. ================================================== Continuing Case 20. Income Tax Estimation Jamie Lee...

Accounting
Q

Given the two bonds listed below, which bond would you want to add to your...

Finance