Instructions Trophy Fish Company supplies files and fishing

Instructions Trophy Fish Company supplies files and fishing gear to sporting goods stores and outimers throughout Trophy Fish prepared the following partialy completed aging of recelvables schedule as of the end of business on Decomber 31, 2015 the western United States. Te noomsmotabe dek for Not Past Due Days Past Due Days Past Due Days Past Due Days Past Due Days Past Due Customer Balance 1-30 31-60 61-90 91-120 Over 120 14 ?A Outfitters 20,600.00 20,600.00 sBrown Trout Fly S 7200.00 7200.00 4,200.00 4,20000 Zigs Fish Adventures Subtotals 126,100.00 7,800.00 23,50000 75,000.00 1,301,200.00 751,70000287,100.00

Solution

1.

Working:

3. Allowance for doubtful accounts: $115329

4.

Note: Please confirm exact account titles per the chart of accounts as the same has not been provided with the question.

5. On the balance sheet, assets would be overstated by $119329 because the allowance for doubtful accounts would be understated by $119329. In addition, the owner\'s capital account would be overstated by $119329 because bad debt expense would be understated and net income overstated by $119329 on the income statement.

Customer	Due Date	Number of Days Past Due
Adams Sports & Flies	May 22, 2015	223	days
Blue Dun Flies	Oct. 10, 2015	82	days
Cicada Fish Co.	Sept. 29, 2015	93	days
Deschutes Sports	Oct. 20, 2015	72	days
Green River Sports	Nov. 7, 2015	54	days
Smith River Co.	Nov. 28, 2015	33	days
Western Trout Company	Dec. 7, 2015	24	days
Wolfe Sports	Jan. 20, 2016	0	days