Birkan Company reported the following information: 
During 2021, sales on account were $145,000 and collections on account were $100,000.Also during 2021, the company wrote off $4,000 in uncollectible accounts.An analysis of outstanding receivable accounts at year-end indicated that uncollectible accounts should 1.Bad debt expense for 2021 is
Definitions:
Impairment Loss
The decrease in an asset’s net carrying value that exceeds the future undisclosed cash flow it should generate.
Carrying Value
Also known as the book value, it represents the value of an asset or liability as reported on the company's balance sheet, calculated as the original cost minus depreciation, amortization, or impairment costs.
Recoverable Amount
The higher of an asset's fair value less costs to sell and its value in use, indicating the maximum amount that can be recovered from an asset.
Financial Statements
Documents that provide an overview of a company's financial condition, including income statement, balance sheet, and cash flow statement.
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