For financial accounting purposes, thunder, inc estimates its bad debts and uses the allowance method...
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Accounting
For financial accounting purposes, thunder, inc estimates its bad debts and uses the allowance method in accounting for accounts receivable. At the end of the current year, Thunder had net accounts receivable of $73,000 and an allowance for doubtful accounts of $3500. For the year, its bad debt expense, and specific charge-offs were $750. What is Thunder's current year deduction for bad debt expense on its federal income tax return? a. 750 b. 3000 c. 3500 d. 6500
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