E6-18 (Algo) Inferring Bad Debt Write-Offs and Cash Collections from Customers LO6-2 On its recent financial statements, Hassell Fine Foods reported the following information about net sales revenue and accounts receivable amounts in thousands Current Prior Accounts receivable, net of allowances of $293 and 257 Net sales revenue 5 14,989 63,920 $ 12,738 54,622 According to its Form 10-K, Hassell recorded bad debt expense of $116 and there were no bad debt recoveries during the current year (Hint Refer to the summary of the effects of accounting for bad debts on the Accounts Receivable (Gross) and the Allowance for Doubtful Accounts T-accounts. Use the T-accounts to solve for the missing values.) Required: 1. What amount of bad debts was written off during the current year? 2. Based on your answer to requirement (0. solve for cash collected from customers for the current year, assuming that all of Hassell's sales during the period were on open account. Complete this question by entering your answers in the tabs below. Required 1 Required 2 What amount of bad debts was written off during the current year? (Enter your answers in thousands not in dollars.) Allowance for Doubtful Accounts Write-off's O End..bal. (Rewired 1 Required 2 > E6-18 (Algo) Inferring Bad Debt Write-Offs and Cash Collections from Customers L06-2 On its recent financial statements, Hassell Fine Foods reported the following information about net sales revenue and accounts receivable (amounts in thousands Accounts receivable, net of allowancee of $293 and $257 Net sales revenue Current Prior Tear Year $ 14,909 5 12,73 63.920 54,622 According to its Form 10-K, Hassell recorded bad debt expense of $116 and there were no bad debt recoveries during the current year. (Hint Refer to the summary of the effects of accounting for bad debts on the Accounts Receivable (Gross) and the Allowance for Doubtful Accounts T-accounts. Use the T-accounts to solve for the missing values.) Required: 1. What amount of bad debts was written off during the current year? 2. Based on your answer to requirement (1). solve for cash collected from customers for the current year, assuming that all of Hassell's sales during the period were on open account Complete this question by entering your answers in the tabs below. Required 1 Required 2 Based on your answer to requirement (1), solve for cash collected from customers for the current year, assuming that all of Hassell's sales during the period were on open account. (Enter your answers in thousands not in dollars.) Accounts Receivable (Gross) Beg. bal Net sales End, bal