Looney Corp. has debit balances of $592,000 and $9,000 in accounts receivable and allowance for...
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Looney Corp. has debit balances of $592,000 and $9,000 in accounts receivable and allowance for uncollectible accounts, respectively, and $0 bad debt expense before year end adjustment.
$359,000 of Looney's receivables are current, and Looney believes them to be 98% collectible.
$125,000 of Looney's receivables are 1-60 days past due, and Looney believes them to be 82% collectible.
The remainder of Looney's receivables are over 60 days past due, and Looney believes them to be 63% collectible.
What is Looney's bad debt expense for the year?
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