The following information is available for Sorensen Company: 
As a result of a review and aging of accounts receivable in early January 2012, however, it has been determined that an allowance for doubtful accounts of $7,500 is needed at December 31, 2011.What amount should Sorensen record as bad debt expense for the year ended December 31, 2011?
Definitions:
Pro Rata
A method of allocating an amount proportionally based on a share of some total, such as time or quantity.
Financially Sound
Describes a state in which an entity is stable, profitable, and has a strong balance sheet.
Correctable Problems
Issues or challenges within an organization that can be resolved or improved upon through appropriate measures.
Target Company
A company that is the subject of a merger or acquisition by another company, often referred to in the context of takeover bids.
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