Atlas, a financial consultant, had the following income and expenses in his business: Fee Income $235,000 Expenses: Rent expense 18,000 Penalties assessed by the SEC 2,500 Office expenses 6,000 Supplies 6,000 Interest paid on note used to acquire office equipment 2,700 Speeding tickets going to see clients 650 How much net income must Atlas report from this business

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?