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Karl’s Collectibles estimates its uncollectible accounts by aging its accounts receivable and applying percentages to various aged categories of accounts. On the last day of the year, December 31, 2021, Karl’s estimates a total of $6,495 is uncollectible. Before any adjustments, Karl's Gross Accounts Receivable account has a balance of $260,000 and its Allowance for Uncollectible Accounts has a credit balance of $1,625.
1. How much total bad debt expense will Karl’s Collectibles report in 2021?
2. What is the amount of net accounts receivable that Karl will report on its 12/31/21 balance sheet?
3. During 2021, Karl's loosened its credit policies in order to increase gross revenue. We would expect Karls' bad debt expense as a percentage of sales revenue to increase, decrease or remain the same?

Answer :

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