What is the difference between accounting profit and economic profit? A. Economic profit only subtracts implicit costs from total revenue, while accounting profit only subtracts explicit costs. B. Economic profit subtracts both explicit and implicit costs from total revenue, while accounting profit only subtracts explicit costs. C. Accounting profit only subtracts implicit costs from total revenue, while economic profit only subtracts explicit costs. D. Accounting profit subtracts both explicit and implicit costs from total revenue, while economic profit only subtracts explicit costs.

Johnson company uses the allowance method to account for uncollectible accounts receivable. bad debt expense is established as a percentage of credit sales. for 2018, net credit sales totaled $6,400,000, and the estimated bad debt percentage is 1.40%. the allowance for uncollectible accounts had a credit balance of $61,000 at the beginning of 2018 and $49,500, after adjusting entries, at the end of 2018.required: 1. what is bad debt expense for 2018 as a percent of net credit sales? 2. assume johnson makes no other adjustment of bad debt expense during 2018. determine the amount of accounts receivable written off during 2018.3. if the company uses the direct write-off method, what would bad debt expense be for 2018?