The trial balance before adjustment of Concord Company reports the following balances: Dr. Cr.
Accounts receivable $265,000
Allowance for doubtful accounts $2,480
Sales (all on credit) 1,000,000
Sales returns and allowances 48,000

Required:
Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 11% of gross accounts receivable.

On september 1, 2016, steve loaned brett $2,000 at 12% interest compounded annually. steve is not in the business of lending money. the note stated that principal and interest would be due on august 31, 2018. in 2018, steve received $2,508.80 ($2,000 principal and $508.80 interest). steve uses the cash method of accounting. what amount must steve include in income on his income tax return?

Managers in a firm hired to improve the firm's profitability and ultimately the shareholders' value will add to the overall costs if they pursue their own self-interests. what does this best illustrate? a. diseconomies of scale b. principal-agent problem c. experience-curveeffects d. information asymmetries

The purpose of the transportation approach for location analysis is to minimize which of the following? a. total costsb. total fixed costsc. the number of shipmentsd. total shipping costse. total variable costs