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What is your bad debt expense for the year

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Reference no: EM132525314

Question - At the beginning of the year, you had $65,000 in accounts receivable and an allowance for doubtful accounts of $6,000 (net realizable value $59,000). During the year you made sales of $600,000, of which 80% were on account, and $12,000 of the sales on account were returned. You collected $430,000 in cash from your customers during the year, wrote off $3,000 in uncollectable accounts, and recovered $1,000 from previous years' write-offs. What is your bad debt expense for the year, assuming that 7% of your year-end accounts receivable will not be collected?

Reference no: EM132525314

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