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Exercise 6-7 Estimating doubtful accounts Newbury 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: Age Interval No past due 1-30 days past due 31-60 days past due 61-90 days past due 91-180 days past due Over 180 days past due Balance $667,000 158,000 54,000 20,500 15,000 10,500 $925,000 Percent Uncollectible 1/2% 2 5 15 40 75 Estimate what the balance of the allowance for doubtful accounts should be as of December 31, 2012.

Exercise 6-7 Estimating doubtful accounts
Newbury 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:
Age Interval
No past due
1-30 days past due
31-60 days past due
61-90 days past due
91-180 days past due
Over 180 days past due

Balance
$667,000
158,000
54,000
20,500
15,000
10,500
$925,000

Percent Uncollectible
1/2%
2
5
15
40
75

Estimate what the balance of the allowance for doubtful accounts should be as of December 31, 2012.

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