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Working Backward: Allowance for Doubtful Accounts Olson Corp. reported the following in the Current Assets section of its December 31, 2016, balance sheet: During 2016,

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Working Backward: Allowance for Doubtful Accounts Olson Corp. reported the following in the Current Assets section of its December 31, 2016, balance sheet: During 2016, Olson recorded $80,280 of sales on credit and wrote off $3,940 of uncollectible accounts. Required: 1. Determine the amount of cash collected during 2016 from sales on credit. 2. Determine the amount of bad debts expense for 2016

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