The buyer and seller were scheduled to close the sale transaction on Wednesday, March 14. The taxes for the year were $3500 and were paid in arrears. How would this appear on a closing statement, using the 365-day method?

Assume the government imposes a $2.25 tax on suppliers, which results in a shift of the supply curve from s1 to s2. the price the seller receives for the product after paying the tax is

He taylor company sells music systems. each music system costs the company $100 and will be sold to the public for $250. in year one, the company sells 100 gift cards to customers for $250 each ($25,000 in total). these cards are valid for just one year, and company officials expect them to all be redeemed. in year two, only 96 of the cards are returned. what amount of net income does the company report for year two in connection with these cards? a. $15,000b. $15,400c. $15,500d. $15,800

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.)