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Hopper Inc. follows the balance sheet approach in preparing its allowance for doubtful accounts (AFDA). The opening AFDA balance as at January 1, 20X3, was a credit of $8,700. During the 20X3 fiscal year, a total of $7,860 was written off as uncollectable for the year and a total of $650 in previously written-off accounts was recovered.
Hopper has the following accounts receivable balances as at December 31, 20X3, including a breakdown of the percentage estimated by management to be uncollectable:
Days outstanding Balance % estimated to be uncollectable0-30 days $480,520 0.5%
31-60 days 187,600 1.8%
61-90 days 77,250 2.5%
Greater than 90 days 38,760 4.5%
Problem 1: What is the total amount of bad debt expense that Hopper needs to record for the December 31, 20X3, fiscal year? Round to the nearest dollar.
a) $ 7,965
b) $ 8,615
c) $ 9,455
d) $10,945
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