Over the past 40 years, interest rates have varied widely. the rate for a 30-year mortgage reached a high of 14.75% in july 1984, and it reached 3.31% in november 2012. a significant impact of lower interest rates on society is that they enable more people to afford the purchase of a home. in the following exercise, we consider the purchase of a home that sells for $125,000. assume that we can make a down payment of $25,000, so we need to borrow $100,000. we assume that our annual income is $58,000 and that we have no other debt. what is our monthly income? (round your answer to the nearest cent.)

Colorado rocky cookie company offers credit terms to its customers. at the end of 2018, accounts receivable totaled $715,000. the allowance method is used to account for uncollectible accounts. the allowance for uncollectible accounts had a credit balance of $50,000 at the beginning of 2018 and $30,000 in receivables were written off during the year as uncollectible. also, $3,000 in cash was received in december from a customer whose account previously had been written off. the company estimates bad debts by applying a percentage of 15% to accounts receivable at the end of the year. 1. prepare journal entries to record the write-off of receivables, the collection of $3,000 for previously written off receivables, and the year-end adjusting entry for bad debt expense.2. how would accounts receivable be shown in the 2018 year-end balance sheet?