During the year, grace, inc., has total sales of $800,000. based on total sales, the corporation estimates that its bad debts for the year are 2 percent of sales. as a result, the corporation deducts $16,000 in bad debts for financial accounting purposes. at the end of the year, the controller reviews the accounts receivable led-ger to identify uncollectible accounts. she determines that $3,900 in accounts re-ceivable cannot be collected. in addition, the accountant’s analysis shows that the corporation has recovered $1,400 in accounts receivable written off as a bad debt for tax purposes in the previous year. how should this information be reported for tax purposes

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Neveready flashlights inc. needs $317,000 to take a cash discount of 3/15, net 70. a banker will loan the money for 55 days at an interest cost of $13,200. a. what is the effective rate on the bank loan? (use a 360-day year. do not round intermediate calculations. input your answer as a percent rounded to 2 decimal places.) b. how much would it cost (in percentage terms) if the firm did not take the cash discount but paid the bill in 70 days instead of 15 days? (use a 360-day year. do not round intermediate calculations. input your answer as a percent rounded to 2 decimal places.) c. should the firm borrow the money to take the discount? no yes d. if the banker requires a 20 percent compensating balance, how much must the firm borrow to end up with the $317,000? e-1. what would be the effective interest rate in part d if the interest charge for 55 days were $7,200?

Which of the following distribution systems offers speed and reliability when emergency supplies are needed overseas? a. railroadsb. airfreightc. truckingd. pipelinese. waterways