Table A summarizes the historical Accounts Receivables classifications and their default percentages in 2020. Table...
60.1K
Verified Solution
Link Copied!
Question
Finance
Table A summarizes the historical Accounts Receivables classifications and their default percentages in 2020. Table B lists the current customers of your company and how much they owe. You, as a Junior Accountant, are asked to perform an Aging Schedule by your supervisor. Calculate the Net A/R based on the historical default percentages.
Table A
Historical A/R Classifications
Default Percentages
Not Due Yet (NDY)
3%
1-30 days late
5%
31-60 days late
8%
61-90 days late
17%
90+ days late
28%
Table B
2021 A/R
Amounts to be Collected
NDY
1-30 days late
31-60
61-90
90+
Customer A
$2,000
$500
$500
$1,000
Customer B
$8,000
$4,000
$1,000
$3,000
Customer C
$5,000
$2,000
$2,000
$1,000
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!
