Mercy Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $70,000; Allowance for Uncollectible Accounts = $1,400 (credit). Mercy estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group Amount Receivable Estimated Percent Uncollectible
Not yet due $50,000 15%
0–30 days past due 11,000 20%
31–90 days past due 8,000 45%
More than 90 days past due 1,000 85%
Total $70,000

Required:
a. Estimate the amount of uncollectible receivables.
b. Record the adjusting entry for uncollectible accounts on December 31, 2021.
c. Calculate net accounts receivable.

answer; //i believe that the correct answer is (b); ///toblas works as a preschool teacher;

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answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.