Working Backward: Allowance for Doubtful Accounts Olson Corp. reported the following in the Current Assets section of its December 31, 2017, balance sheet: Accounts receivable, net of allowances of $5,000 and $3,000, respectively 12/31/17 12/31/16 $54,000 $48,000 During 2017, Olson recorded $80,000 of sales on credit and wrote off $4,000 of uncollectible accounts. Required: 1. Determine the amount of cash collected during 2017 from sales on credit. x 2. Determine the amount of bad debts expense for 2017. X