The Dubious Company operates in an industry where all sales are made on the account. The company has experienced bad debt losses of 1.60% of credit sales in prior periods. Presented below is the company's forecast of sales and expenses over the next three years. Sales Revenue Bad Debt Expense Other Expenses Year 1 $ 372,000 Unknown 332,000 Year 2 $ 378,000 Unknown 341,000 Year 3 $ 377,000 Unknown 332,750 Net Income Unknown Unknown Unknown
Required: a. Calculate Bad Debt Expense and net income for each of the three years, assuming uncollectible accounts are estimated as 1.60% of sales. Year 1 Year 2 Year 3 Bad Debt Expense Net Income Assume that the company changes its estimate of uncollectible credit sales to 1.60% in year 1, 2.60% in year 2 and 2.10% in year 3. Calculate the Bad Debt Expense and net income for each of the three years under this alternative scenario. Year 1 Year 2 Year 3 Bad Debt Expense Net Income. Get Accounting homework help today
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