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Here is information related to Schellhamer Company for 2010.Total credit sales ........................... $1,500,000Accounts receivable at December 31 ...... 840,000Bad debts written off .......................... 41,000
Instructions(a) What amount of bad debts expense will Schellhamer Company report if it uses the direct write-off method of accounting for bad debts?(b) Assume that Schellhamer Company decides to estimate its bad debts expense based on 3% of accounts receivable. What amount of bad debts expense will the company record if Allowance for Doubtful Accounts has a credit balance of $3,000?(c) Assume the same facts as in part (b), except that there is a $1,000 debit balance in Allowance for Doubtful Accounts. What amount of bad debts expense will Schellhamer record?(d) What is a weakness of the direct write-off method of reporting bad debts expense?
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