Hughes Company has a credit balance of $5,000 in its Allowance for Doubtful Accounts before any adjustments are made at the end of the year. Based on review and aging of its accounts receivable at the end of the year, Hughes estimates that $60,000 of its receivables are uncollectible. The amount of bad debts expense which should be reported for the year is: a. $5,000. B. $55,000. C. $60,000. D. $65,000.

B . $55,000

Explanation:.

Calculation for the amount of bad debts expense which should be reported for the year.

Using this formula

Bad Debts=Uncollectible receivables-Allowance for Doubtful Accounts

Let plug in the formula

Bad Debts=$60,000-$5,000

Bad Debts=$55,000

The amount of bad debts expense which should be reported for the year is:$55,000

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.

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