Rigney Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end.
Number of Days Outstanding
Total 0-30 31-60 61-90 91-120 Over 120
Accounts receivable 200,000 77,000 46,000 39,000 23,000 $15,000
% uncollectible 1% 4% 5% 8% 20%
Calculate the total estimated bad debts based on the above information.
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