On its December 31, Year 2, balance sheet, Red Rock Candle Company reported accounts receivable of $855,000 net of an allowance for doubtful accounts of $45,000. On December 31, Year 3, Red Rock's balance sheet showed gross accounts receivable of $922,000, and Red Rock's income statement reported credit sales of $3,000,000. During the year, accounts receivable of $35,000 were written off and $18,000 were recovered. Based on past experience, 5% of Red Rock's ending accounts receivable are uncollectible. How much should Red Rock report as bad debt expense on its Year 3 income statement?
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On its December 31, Year 2, balance sheet, Red Rock Candle Company reported accounts receivable of $...
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