Fill This Form To Receive Instant Help
Fill This Form To Receive Instant Help
Homework answers / question archive / Prepare, in good form, an aging schedule for December 31st
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%
Already member? Sign In
