Milo company uses the percent-of-sales method to estimate uncollectibles. net credit sales for the current year amount to $ 110 comma 000, and management estimates 1% will be uncollectible. the allowance for uncollectible accounts prior to adjustment has a credit balance of $ 1 comma 000. the amount of expense to report on the income statement will be

The amount of expense to report on the income statement will be $100

Explanation:

Net sales110000

Estimate                1%

Uncollectible       1100

AR prior Adjusment1000

                                  100

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.