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How much is the bad debt expense for the year

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Modern Office has $3,000,000 of credit sales for the year and $50,000 of outstanding accounts receivable and $1,000 balance of Allowance for Doubtful Account(AFDA) on December 31.

Modern Office estimates that either 0.1% of credit sales or 8% of outstanding receivables will not be collectible and wants to set up an Allowance for Doubtful Account(AFDA).

Question 1: How much is the bad debt expense for the year under the Percentage of Sales (Income Statement) Approach?

Reference no: EM132552029

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