Reference no: EM132602778
Question - At December 31, 2021, retailer Northern Kayaks had a balance of $340,000 in its Accounts Receivable account and a positive asset value balance of $870 in its Allowance for Uncollectible Accounts account. In others words, net realizable value of accounts receivable before adjustment is $340,870. The company analyzed and aged its accounts receivable based on the following estimated uncollectible amounts:
1.0% of current balances of $200,000
6.3% of balances 31-60 days of $85,000
11.7% of balances of 61-90 days of $40,000
60.0% of balances over 91 days of $15,000
The company bases its provision for credit losses on the aging analysis.
Required - What is Northern Kayaks' bad debt expense for fiscal year 2021?
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