Perfect Technologies has estimated bad debts using the percentage-of-sales method since their business began operations in 2008. Information relating to bad debts and sales is as follows:
At the beginning of 2011, Perfect proposes changing their estimation of bad debt expense from 3 percent of sales to 2 percent. Sales for the year totaled $163,000 and actual bad debts amounted to $3,720.
Definitions:
Environmental Racism
The practice of situating industrial operations and waste disposal in minority communities leading to disproportionate environmental hazards and health risks.
Informal Rulemaking
The process used by federal agencies to develop regulations, involving a notice-and-comment period without the formalities of a trial-type proceeding.
Concise General Statement
A brief, comprehensive description that captures the essence or main points of a subject.
Proposed Rule
A regulation or policy put forward for consideration or adoption by a governmental entity or agency.
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