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Question - The following information pertains to LNM's accounts receivable and allowance for doubtful accounts balances in 2021 and 2022:
2022
2021
Accounts Receivable
$320,000
$300,000
Allowance for Doubtful Accounts
?
24,750
The break-down of the aging periods consists of 50% in the current period, 30% in 31+ days, 15% in 61+ days, and 5% in 91+ days. Lemon allocates 1%, 5%, 25%, and 50% as uncollectable percentage for each aging period respectively. On December 31st, 2022, the Allowance for Doubtful Accounts has a debit ending balance of $6,600 before the adjusting entries are recorded. What is the bad debt expense for 2022?
A) $33,000
B) $31,350
C) $26,400
D) $19,800
E) $6,600
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
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