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What bad debt expense would dinty report in first year

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Problem 1: In the balance sheet at the end of its first year of operations, Omicron Inc. reported an allowance for doubtful accounts of $80,500. During that year, Omicron wrote off $33,000 of accounts receivable it had attempted to collect and failed. Credit sales for the year were $2,260,000, and cash collections from credit customers totaled $1,900,000. What bad debt expense would Dinty report in its first year income statement?

A) $80,500
B) $47,500
C) $113,500
D) None of the above

Reference no: EM132660639

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