The following information is from the 2017 records of Armand Music Shop: 
Bad debts expense is estimated by the percent-of-sales method. Management estimates that 6% of net credit sales will be uncollectible. Calculate the amount of bad debts expense for 2017.
Definitions:
Money Supply
The sum of all financial resources in the form of cash and deposits in banks present within an economy at a given moment.
Federal Reserve Board
A central body of the Federal Reserve System, overseeing the nation's monetary policy and regulating banks.
Deposit Expansion Multiplier
The deposit expansion multiplier refers to the ratio of the amount of money banks can create in the form of checkable deposits to the amount of reserves they hold.
Reserve Ratio
The fraction of deposits that banks are required to hold in reserve and not lend out, set by central banks to control the money supply and banking stability.
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