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Stevens Products reports the following analysis of potential losses in its accounts receivable: Age Past Due Receivable Balance Estimated Loss (%) $ 70,000 0.5% 2.5%
Stevens Products reports the following analysis of potential losses in its accounts receivable: Age Past Due Receivable Balance Estimated Loss (%) $ 70,000 0.5% 2.5% 0-30 days past due 31-60 days past due 61-90 days past due Over three months past due 45,000 30,000 10.0% 5,000 95.0% Total $150,000 The balance of Allowance for Uncollectible Accounts is a credit of $500 on December 31, 2021 prior to adjustments. State your answers in whole dollars. 1. What is the amount of bad debt expense for 2021? 2. What is the amount of gross accounts receivable at December 31, 2021? 3. What is the amount of the Allowance for Doubtful Accounts at December 31, 2021? 4. What is the amount of net accounts receivable at December 31, 2021
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