Estimating doubtful accounts outlaw bike co. is a wholesaler of motorcycle supplies. an aging of the company’s accounts receivable on december 31, and a historical analysis of the percentage of uncollectible accounts in each age category are as follows: age class balance percent uncollectible not past due $908,000 1/2 % 1–30 days past due 99,900 2 31-60 days past due 45,400 8 61–90 days past due 32,700 14 91–180 days past due 23,600 40 over 180 days past due 17,300 75 $1,126,900 estimate what the proper balance of the allowance for doubtful accounts should be as of december 31. age class balance percent uncollectible estimated uncollectible accounts amount not past due $908,000 1/2% $ 1-30 days past due 99,900 2 31-60 days past due 45,400 8 61-90 days past due 32,700 14 91-180 days past due 23,600 40 over 180 days past due 17,300 75 total $1,126,900 $

Bad debt expense                                  $ 37,163  

Allowance for Uncollectible Accounts  $ 37,163

Explanation:

Initial Balance  

Accounts Receivable                              $ 1,126,900  

Allowance for Uncollectible Accounts  $ 0,000

Acc. Rec  Allow.    

$908,000  $ 4.540    0,5%Not Past Due  

$99,900  $ 1.998    2%    1–30 days past due  

$45,400    $ 3.632    8%    31-60 days past due  

$32,700    $ 4.578    14%    61–90 days past due  

$23,600    $ 9.440    40%  91–180 days past due  

$17,300    $ 12.975  75%  Over 180 days past due  

$1,126,900  $ 37.163  3%  

Bad debt expense                                        $ 37,163  

Allowance for Uncollectible Accounts  $ 37,163

Final Balance  

Accounts Receivable                                $ 1,126,900  

Allowance for Uncollectible Accounts  $ 37,163

explanation:

the contractual interest rate is the interest the borrower must pay and the interest the lender receives, or more simply, it is the interest rate stated on a bond whereas the market interest rate is “the investors demand for loaning funds”. therefore, bonds can either be sold at a premium, face value, or discount.

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