Question
An aging analysis of Sheridan Company's accounts receivable at December 31, 2023 and 2024, showed the following December 31 Number of Days Outstanding Estimated
An aging analysis of Sheridan Company's accounts receivable at December 31, 2023 and 2024, showed the following December 31 Number of Days Outstanding Estimated % Uncollectible 2024 2023 0-30 days 3% $106,000 $130,000 31-60 days 6% 26,500 65,000 61-90 days 13% 53,000 39,000 Over 90 days 35% 79.500 26,000 Total $265,000 $260,000 Additional information: 1 At December 31, 2023, the unadjusted balance in Allowance for Doubtful Accounts was a credit of $5,900. 2. In 2024, $27,300 of accounts was written off as uncollectible and $3,200 of accounts previously written off was collected.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started