You and your wife are making plans for retirement. you plan on living 30 years after you retire and would like to have $80,000 annually on which to live. your first withdrawal will be made one year after you retire and you anticipate that your retirement account will earn 15% annually.

what amount do you need in your retirement account the day you retire?

Exercise 7-7 martinez company reports the following financial information before adjustments. dr. cr. accounts receivable $168,900 allowance for doubtful accounts $3,200 sales revenue (all on credit) 849,300 sales returns and allowances 50,440 prepare the journal entry to record bad debt expense assuming martinez company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but allowance for doubtful accounts had a $1,550 debit balance. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)