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Dr. K, a dentist and calendar-year taxpayer, has consistently reported income and expenses from his...

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Accounting

Dr. K, a dentist and calendar-year taxpayer, has consistently reported income and expenses from his business on the cash basis. All cash and checks he receives are deposited and included in income. K’s records for the current year reflect the following information: Uncollectible receivables $2,000 Patients’ uncollectible returned checks 500 Recovery of an uncollectible receivable from 3 years ago 1,000 Business-related loan to a supplier that became totally worthless 3,000 What is the amount of K’s bad debt expense for the current year? A. $2,500 B. $3,500 C. $4,500 D. $5,500 

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