Question: Olson Corp. reported the following in the Current Assets section of its December 31, 2012, balance sheet: 12/31/12 12/31/11 Accounts receivable, net of allowances of

Olson Corp. reported the following in the Current Assets section of its December 31, 2012, balance sheet:
12/31/12 12/31/11
Accounts receivable, net of allowances of $5,000 & $3,000, respectively...$54,000....$48,000
During 2012, Olson recorded $80,000 of sales on credit and wrote off $4,000 of uncollectible accounts.
Required
1. Determine the amount of cash collected during 2012 from sales on credit.
2. Determine the amount of bad debts expense for 2012.

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