An aging analysis of Speedway Limited's accounts receivable at December 31, 2024 and 2023, showed the...

  
 

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An aging analysis of Speedway Limited's accounts receivable at December 31, 2024 and 2023, showed the following: Number of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days 1. Total 2. Accounts Receivable 2024 (a1) $229,000 Additional information: 108,000 67,000 34,000 2023 $216,000 89,000 57,000 23,000 $438,000 $385,000 Estimated Percentage Uncollectible 2% 7% 10% 21% At December 31, 2023, the unadjusted credit balance in Allowance for Expected Credit Losses was $3,000. In 2024, $30,000 of accounts were written off as uncollectible and $3,000 of accounts previously written off were - recovered. Prepare an aging schedule to calculate the estimated uncollectible accounts at December 31, 2023 and 2024. Note that the estimated percentages uncollectible are the same for both years. (a1) Prepare an aging schedule to calculate the estimated uncollectible accounts at December 31, 2023 and 2024. Note that the estimated percentages uncollectible are the same for both years. Total estimated allowance balance at Dec. 31, 2023: Number of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days Total Number of Days Outstanding 0-30 days Accounts Receivable Percentage Uncollectible $216,000 89,000 57,000 23,000 $385,000 Total estimated allowance balance at Dec. 31, 2024: Estimated $229,000 2% 7% 10% 21% Accounts Receivable Percentage Uncollectible Estimated 2% Estimated Uncollectible Accounts Estimated Uncollectible Accounts Total estimated allowance balance at Dec. 31, 2024: Number of Days Outstanding. 0-30 days 31-60 days 61-90 days Over 90 days Total Accounts Receivable Percentage Uncollectible $229,000 108,000 67,000 34,000 Estimated $438,000 2% 7% 10% 21% $ $ LA Estimated Uncollectible Accounts An aging analysis of Speedway Limited's accounts receivable at December 31, 2024 and 2023, showed the following: Number of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days 1. Total 2. Accounts Receivable 2024 (a1) $229,000 Additional information: 108,000 67,000 34,000 2023 $216,000 89,000 57,000 23,000 $438,000 $385,000 Estimated Percentage Uncollectible 2% 7% 10% 21% At December 31, 2023, the unadjusted credit balance in Allowance for Expected Credit Losses was $3,000. In 2024, $30,000 of accounts were written off as uncollectible and $3,000 of accounts previously written off were - recovered. Prepare an aging schedule to calculate the estimated uncollectible accounts at December 31, 2023 and 2024. Note that the estimated percentages uncollectible are the same for both years. (a1) Prepare an aging schedule to calculate the estimated uncollectible accounts at December 31, 2023 and 2024. Note that the estimated percentages uncollectible are the same for both years. Total estimated allowance balance at Dec. 31, 2023: Number of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days Total Number of Days Outstanding 0-30 days Accounts Receivable Percentage Uncollectible $216,000 89,000 57,000 23,000 $385,000 Total estimated allowance balance at Dec. 31, 2024: Estimated $229,000 2% 7% 10% 21% Accounts Receivable Percentage Uncollectible Estimated 2% Estimated Uncollectible Accounts Estimated Uncollectible Accounts Total estimated allowance balance at Dec. 31, 2024: Number of Days Outstanding. 0-30 days 31-60 days 61-90 days Over 90 days Total Accounts Receivable Percentage Uncollectible $229,000 108,000 67,000 34,000 Estimated $438,000 2% 7% 10% 21% $ $ LA Estimated Uncollectible Accounts An aging analysis of Speedway Limited's accounts receivable at December 31, 2024 and 2023, showed the following: Number of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days 1. Total 2. Accounts Receivable 2024 (a1) $229,000 Additional information: 108,000 67,000 34,000 2023 $216,000 89,000 57,000 23,000 $438,000 $385,000 Estimated Percentage Uncollectible 2% 7% 10% 21% At December 31, 2023, the unadjusted credit balance in Allowance for Expected Credit Losses was $3,000. In 2024, $30,000 of accounts were written off as uncollectible and $3,000 of accounts previously written off were - recovered. Prepare an aging schedule to calculate the estimated uncollectible accounts at December 31, 2023 and 2024. Note that the estimated percentages uncollectible are the same for both years. (a1) Prepare an aging schedule to calculate the estimated uncollectible accounts at December 31, 2023 and 2024. Note that the estimated percentages uncollectible are the same for both years. Total estimated allowance balance at Dec. 31, 2023: Number of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days Total Number of Days Outstanding 0-30 days Accounts Receivable Percentage Uncollectible $216,000 89,000 57,000 23,000 $385,000 Total estimated allowance balance at Dec. 31, 2024: Estimated $229,000 2% 7% 10% 21% Accounts Receivable Percentage Uncollectible Estimated 2% Estimated Uncollectible Accounts Estimated Uncollectible Accounts Total estimated allowance balance at Dec. 31, 2024: Number of Days Outstanding. 0-30 days 31-60 days 61-90 days Over 90 days Total Accounts Receivable Percentage Uncollectible $229,000 108,000 67,000 34,000 Estimated $438,000 2% 7% 10% 21% $ $ LA Estimated Uncollectible Accounts An aging analysis of Speedway Limited's accounts receivable at December 31, 2024 and 2023, showed the following: Number of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days 1. Total 2. Accounts Receivable 2024 (a1) $229,000 Additional information: 108,000 67,000 34,000 2023 $216,000 89,000 57,000 23,000 $438,000 $385,000 Estimated Percentage Uncollectible 2% 7% 10% 21% At December 31, 2023, the unadjusted credit balance in Allowance for Expected Credit Losses was $3,000. In 2024, $30,000 of accounts were written off as uncollectible and $3,000 of accounts previously written off were - recovered. Prepare an aging schedule to calculate the estimated uncollectible accounts at December 31, 2023 and 2024. Note that the estimated percentages uncollectible are the same for both years. (a1) Prepare an aging schedule to calculate the estimated uncollectible accounts at December 31, 2023 and 2024. Note that the estimated percentages uncollectible are the same for both years. Total estimated allowance balance at Dec. 31, 2023: Number of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days Total Number of Days Outstanding 0-30 days Accounts Receivable Percentage Uncollectible $216,000 89,000 57,000 23,000 $385,000 Total estimated allowance balance at Dec. 31, 2024: Estimated $229,000 2% 7% 10% 21% Accounts Receivable Percentage Uncollectible Estimated 2% Estimated Uncollectible Accounts Estimated Uncollectible Accounts Total estimated allowance balance at Dec. 31, 2024: Number of Days Outstanding. 0-30 days 31-60 days 61-90 days Over 90 days Total Accounts Receivable Percentage Uncollectible $229,000 108,000 67,000 34,000 Estimated $438,000 2% 7% 10% 21% $ $ LA Estimated Uncollectible Accounts

Answer rating: 100% (QA)

Calculation of Total Estimated Allowance Balance at Dec 31 2023 Number of Days Outstanding Accounts ... View the full answer