Expert Answer :Bad Debts in Accounting

  

Solved by verified expert:Chatter Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Chatter’s accounts receivable account is $556,000, and the allowance for doubtful accounts has a debit balance of $5,000. The year-end balance reported in the balance sheet for the allowance for doubtful accounts will be based on the aging schedule shown here:Days Account OutstandingAmountProbability of CollectionLess than 16 days $293,000.97Between 16 and 30 days 102,000.89Between 31 and 45 days 70,000.83Between 46 and 60 days 55,000.76Between 61 and 75 days 28,000.60Over 75 days 8,000.30What is the appropriate balance for the allowance for doubtful accounts at year end? Show how accounts receivable would be presented on the balance sheet.What is the dollar effect of the year-end bad debt adjustment on the before-tax income?Your well-written paper must be two to three pages in length, in addition to the title and reference pages, and be formatted according to the CSU-Global Guide to Writing and APA Requirements. Cite at least three peer-reviewed sources, in addition to the required readings for this module.

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