The following aging information pertains to Jacobsen Co.'s accounts receivable at December 31, 2021. Days Outstanding Amount Estimated % Uncollectible
0-30 420,000 2%
31-60 140,000 5%
61-120 100,000 10%
Over 120 120,000 20%

During 2021, Jacobsen wrote off $18,000 in receivables and recovered $6,000 that had been written off in prior years. Jacobsen's December 31, 2020, allowance for uncollectible accounts was $40,000. Using the balance sheet approach, what amount of allowance for uncollectible accounts should Jacobsen report at December 31, 2021?

$494,000

Explanation:

    Days             Amount      Estimated %      Estimated amount  

outstanding                         Uncollectible         uncollectible

   0-30             $420,000            2%                       $8,400

   31-60            $140,000             5%                       $7,000

   61-120           $100,000            10%                      $10,000

   120+              $120,000            20%                     $24,000

Total                                                                           $494,000

Thus, Jacobsen should report $494,000 as the amount of allowance for uncollectible accounts at December 31, 2021

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