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snowmist69 · May 27, 2011, 08:06 PM

Customer total not yet 1-30 30-60 60-90 over 90
Due
Acc.

Balance forward $793,791 438,933 149,614 106,400 57,442 41,402

I have to complete with these accounts

J.Kras $11,077 due Jan 15
T.Lopez 9,314 due Feb 15(next fiscal year)
L.Zapal 8,664 due Dec.20
R.Caputo 14,710 due Jan 4
S.Smith 6,316 due Nov 15
A.Quinn 4,389 due Mar.1(next fiscal year)
$55,250

Not due yet 2
1-30 5
31-60 15
61-90 25
Over 90 days 50
This is the percentage considered uncollectable

The date is now Jan.31,2011 beginng date Feb,1 ,2010

Please help anyone I need to complete the aging analysis of accounts recievable.

Just Looking · May 28, 2011, 12:52 PM

It looks like you posted the same question twice. Have you done the aging schedule yet? If you don't know what that is, you can find it in your textbook or online. It's a schedule that lists the accounts and spreads them by columns (1-30 or "current", 31-60, etc). Once you have that you can apply the percentages that are estimated to be uncollectible. If you'll do that to your best ability and post what you have, we can check to see if you understand. Thanks.

snowmist69 · May 29, 2011, 07:07 PM

I don't have room to do it like I have it done. I do have these in columns:
Accounts
Balance 849,041
Allowence for uncollectible is 87,002.
This part of the question I did fine the part I don't understand is I'm suppose to compute the end-of-year balances(before adjustments) of accounts recievable and allowances for uncollectible accounts.

On my work it shows Accounts recievable was a debit of $442,341 and the balance for allowance for uncollectible accounts was a credit of $43,700. During the year the store had a sales on account of $3,722,000, a sales return and allowance of $60,000, worthless accounts written off $44,300, and collections from custormers of $3,211,000. What I don't understand is what does compute mean and what do I compute. I also have to prepare an analysis computing the estimated uncollectible accounts.
I can do the rest of my work I just don't understand this part I did the first part which was my original question, any help will be appreciated.

Just Looking · May 29, 2011, 07:37 PM

Okay, let's see if we can work through this together. First, it looks like you have a mistake in this question. When I added up the "have to complete with these accounts" part they do not equal $55,250. I looked at your other post and saw that the $780 figure is missing. Did you have that in your work?

I see where the $849,041 comes from, but I'm getting a different answer than $87,002. Can you tell me what you have for a total under each of the columns:
Not due yet 2
1-30 5
31-60 15
61-90 25
Over 90 days 50

Once we are in agreement there, we can figure out the rest. Thanks.

snowmist69 · May 29, 2011, 07:47 PM

Yes I can and thank you for your help.
In the not yet due I have a total of 9,053
1-30 23,424
31-60 16,907
61-90 16,527
0ver 90 21,091
This is after I did the percentage that's where I came up with 87,002 of course I rounded up on this. I forgot to add the 780 figure to this one it would have been been in my over 90 days that's why I have the figure of 87,002 hope this has helped you and maybe you can help me thank you.

Just Looking · May 29, 2011, 07:52 PM

We are in agreement on the not yet due and over 90 columns. Tell me the numbers you have in your 1-30 column.

snowmist69 · May 29, 2011, 07:55 PM

I have $23,424 in the 1-30 column

snowmist69 · May 29, 2011, 07:58 PM

All my numbers are
149,614
11,077
14,710

Total I have is 175,401
After the percentages
Then I have the total of 23,424

Just Looking · May 29, 2011, 08:00 PM

What I need to know is this: You got $23,424 by applying 5% to the total A/R in the 1-30 day balance. My number is much lower, so we have different totals for that column. I'd like to see what numbers you used to get your total.

Just Looking · May 29, 2011, 08:03 PM

Sorry, we were posting at the same time. Okay, the $175,401 is correct, but to get $23,424 you would have to apply over 13%. Can you explain how you did this?

snowmist69 · May 29, 2011, 08:06 PM

I now have 8770 is this correct I must have miss or hit another number on my caculator.

Just Looking · May 29, 2011, 08:09 PM

Yes. We have differences in the 30-60 and 60-90 columns. Why don't you give me the same info and we'll see what's going on?

snowmist69 · May 29, 2011, 08:13 PM

31-60
106,400
6,316
Total I have is 112,716 then 16,907

61-90
57,442
780
Total I have is 42,182 then 21,091

Just Looking · May 29, 2011, 08:19 PM

Take a look at your $6316 and see if it is in the right column. What about L Zappal? You had mentioned earlier that the $780 belongs in the over 90 column, but here you have it in the 61-90 day column, and the $57,442 + 780 = $42,182 doesn't make sense. I think you have your columns mixed up.

snowmist69 · May 29, 2011, 08:20 PM

Sorry in my 61-90 days the total is suppose to be 66,106 then 16,527 I looked at the wrong column

57,442
8,664

Just Looking · May 29, 2011, 08:22 PM

Look at how you spread L Zappal and S Smith.

snowmist69 · May 29, 2011, 08:22 PM

6,316 due date is nov 15 so from feb 1 I had 31-60 days

Just Looking · May 29, 2011, 08:23 PM

Due Nov 15 - 15 days left in Nov + 31 in Dec + 31 in jan = 77

snowmist69 · May 29, 2011, 08:28 PM

Ok I may need you to help me with the dates .
11,077 is due jan 15
8664 is due dec 20
14,710 due jan 4

Just Looking · May 29, 2011, 08:31 PM

You have the 11,077 and 14,710 in the 1-30 day column. You are right with that. If 11077 was due Jan 15 and is outstanding at Jan 31 it is 16 days past due.

You have the 8664 in the 60-90 day column. Can you tell me how many days past due it is?