The allowance for bad debts account has a credit balance of $2,000 before the adjusting entry for bad debts expense. the company's management estimates that 2% of net credit sales will be uncollectible for the year 2017. net credit sales for the year amounted to $270,000. what will be the balance of allowance for bad debts on the december 31, 2017 balance sheet?

An increase in the market price of men's haircuts, from $16 per haircut to $26 per haircut, initially causes a local barbershop to have its employees work overtime to increase the number of daily haircuts provided from 20 to 25. when the $26 market price remains unchanged for several weeks and all other things remain equal as well, the barbershop hires additional employees and provides 40 haircuts per day. what is the short-run price elasticity of supply? nothing (your answer should have two decimal places.) what is the long-run price elasticity of supply? nothing (your answer should have two decimal places.)