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Prepare, in good form, an aging schedule for December 31st

Finance

Prepare, in good form, an aging schedule for December 31st. 

 

FHB, Inc. uses the aging of accounts receivable method for estimating bad debts. Based on the December 31st accounts receivable records, the amounts for each aging category are as follows:

 

Category 1: Current- not yet due: $ 200,000

Category 2: 1 to 30 days overdue   115,000

Category 3: 31 to 60 days overdue    45,000

Category 4: 61 to 90 days overdue     7,500

Category 5: Over 90 days past due    20,000

$ 387,500

 

Based on past history, the estimated percentages of uncollectible accounts receivable for each category is as follows:

 

Category 1: 1%

Category 2: 5%

Category 3: 10%

Category 4: 20%

Category 5: 50%

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