Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. need help cannot figure it out sheridan corpora

Need help cannot figure it out Sheridan Corporation operates in an industry...

90.2K

Verified Solution

Question

Accounting

image
image
imageNeed help cannot figure it out
Sheridan Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Sheridan's Accounts Recelvable account was $588,400 and Allowance for Doubtful Accounts had a credit balance of $43,590. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below Probability of 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 $317,700 113,000 82,100 41,600 18,500 15,500 AmountCollection 0.97 0.90 0.86 0.81 0.51 0.00 Over 75 days Assume that accounts with a zero percent chance of collection are intended to be written off

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A classic definition of democracy is “rule by the ruled.” Examine the influence of the general...

Psychology
Q

REFER TO CANADIAN SOLAR CASE ... its too long to post, I dont know how to...

General Management
Q

Jack wants to plant a border of flowers in the shape of an arc along...

Basic Math
Q

What is the domain of the function y 2 x 61 O O 0 x...

Calculus
Q

6 Solve for x Lesson 1 06 1 6x 10 8 orx 6 12

Algebra
Q

In October, Pine Company reports 19,000 actual direct labor hours, and it incurs $114,210 of...

Accounting
Q

The balance in the office supplies account on June 1 was $5200, suplies purchased during...

Accounting
Q

Bekits Corporation fabric 37.500 kits de aseo para caballos durante marzo. Los siguientes datos de...

Accounting
Q

adjusted trial balance, income statement, statement of stockhokders equity, balance sheet closing entries, post closing...

Accounting
Q

4. What is the account type and normal balance for each of these accounts? Hint:...

Accounting
Q

Problem 3: Accounting cycle - closing entries The December 31, 2018, adjusted trial balance for...

Accounting
Q

Income statement, owners equity and balance sheet: Accounts Payable $3,500. Accounts Receivable $7,000. Building $13,000....

Accounting