Reference no: EM132572461
MH Corp. (MHC) estimates its allowance for doubtful accounts using the balance sheet approach. The following information is available for MHC's year ended December 31, 2019:
Allowance for doubtful accounts
Allowance for doubtful accounts, December 31, 2018 (credit) $157,500
Accounts written off during 2019 175,000
Account recoveries during 2019 3,500
Accounts receivable
0-30 days (98% expected recovery) $ 653,000
31-60 days (85% expected recovery) 340,000
61-90 days (60% expected recovery) 145,000
91+ days (30% expected recovery) 67,000
Accounts receivable balance, December 31, 2019 $1,205,000
Required:
Question 1: Calculate MHC's bad debt expense for the year ended December 31, 2019
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