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Domino Company ages its accounts receivable to estimate uncollectible accounts expense. Domino began Year 2 with balances in Accounts Receivable and Allowance for Doubtful Accounts
Domino Company ages its accounts receivable to estimate uncollectible accounts expense. Domino began Year 2 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $44,970 and $3,530, respectively. During Year 2, the company wrote off $2,670 in uncollectible accounts In preparation for the company's estimate of uncollectible accounts expense for Year 2, Domino prepared the following aging schedule: Number of Days Receivables % Likely to be Past Due Amount Uncollectible Current $73,000 1% 0 to 30 27,400 5% 31 to 60 7,060 10% 61 to 90 3,620 25% Over 90 3,300 50% Total $114,380 What amount will be reported as uncollectible accounts expense on the Year 2 income statement
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