Trowel Corp. has outstanding accounts receivable totaling $13,000,000 as of December 31 and sales on credit during the year of $48,000,000. There is also a credit balance of $24,000 in the allowance for doubtful accounts. If the company estimates that 6% of its outstanding receivables will be uncollectible, what will be the amount of bad debt expense recognized for the year

Palmer frosted flakes company offers its customers a pottery cereal bowl if they send in 3 boxtops from palmer frosted flakes boxes and $1. the company estimates that 60% of the boxtops will be redeemed. in 2012, the company sold 675,000 boxes of frosted flakes and customers redeemed 330,000 boxtops receiving 110,000 bowls. if the bowls cost palmer company $3 each, how much liability for outstanding premiums should be recorded at the end of 2012?