Problem

Panther Incorporated reported the following information in the Accounts Receivable section of their end of year 2016 (or start of year 2017) financial statements: Accounts Receivable $ 440,000 Allowance for Doubtful Accounts (59,100) Panther estimates that the amount of uncollectable receivables for a year will be: 2% for the accounts currently due within 30 days, 30% for the overdue 1 to 30 days, 50% for the 31 to 90 day overdue, and 65% for the greater than 90 day overdue. At the end of 2017 an analysis of the firm's Accounts Receivable showed the following: Currently due within 30 days $350,000 Overdue 1~30 days $ 90,000 Overdue 31~90 days $ 50,000 More than 90 days overdue $ 10,000 Total Accounts Receivable $500,000 What would Panther report for the allowance for doubtful accounts at the end of 2017 ?

During 2017, Panther wrote off accounts totaling $26,900. What would be the Bad Debt Expense for Panther in 2017 ?

During 2017, Panther had credit sales of $864,600. How much accounts receivable were paid off by customers during the year?