imperial bikes co is a wholesaler of motorcycle supplies an aging of the company rsq 549724
EX 9-11 Estimating doubtful accounts
Imperial Bikes Co. is a wholesaler of motorcycle supplies. An aging of the company’s accounts receivable on December 31, 2012, and a historical analysis of the percentage of uncollectible accounts in each age category are as follows:
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|
Percent |
||
|
Age Interval |
Balance |
Uncollectible |
|
Not past due |
$600,000 |
¼% |
|
1–30 days past due |
120,000 |
2 |
|
31–60 days past due |
60,000 |
3 |
|
61–90 days past due |
45,000 |
10 |
|
91–180 days past due |
26,000 |
40 |
|
Over 180 days past due |
24,000 |
75 |
|
$875,000 |
Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31, 2012.
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