bad debt expense 375971
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A recent annual report for Target contained the following information (dollars in thousands) at the end of its fiscal year: |
| Year 2 | Year 1 | ||||||
| Accounts receivable | $ | 9,085,000 | $ | 8,632,000 | |||
| Allowance for doubtful accounts | (1,018,000 | ) | (569,000 | ) | |||
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| $ | 8,067,000 | $ | 8,063,000 | ||||
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A footnote to the financial statements disclosed that uncollectible accounts amounting to $828,000 and $419,000 were written off as bad debts during year 2 and year 1, respectively. Assume that the tax rate for Target was 40 percent. |
| Required: | |
| 1. |
Determine the bad debt expense for year 2 based on the preceding facts. (Hint:Use the Allowance for Doubtful Accounts T account to solve for the missing value.)(Enter your answer in thousands. Omit the “$” sign in your response.) |
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