(Answered) Question - here is information related to schellhamer

Accounting

Question - Here is information related to Schellhamer Company for 2010.

Total credit sales $1,532,850

Accounts receivable at December 31 864,300

Bad debts written off 54,310

(a) What amount of bad debts expense will Schellhamer Company report if it uses the direct write-off method of accounting for bad debts?

(b) Assume that Schellhamer Company decides to estimate its bad debts expense based on 3% of accounts receivable. What amount of bad debts expense will the company record if Allowance for Doubtful Accounts has a credit balance of $3,678?

(c) Assume the same facts as in the question above, except that there is a $1,152 debit balance in Allowance for Doubtful Accounts. What amount of bad debts expense will Schellhamer record?

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