At December 31, Folgeys Coffee Company reports the following results for its calendar year. Cash sales $ 920,000
Credit sales 320,000
Its year-end unadjusted trial balance includes the following items.
Accounts receivable $ 145,000 debit
Allowance for doubtful accounts 7,000 debit
a. Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be
(1) 3% of credit sales, (2) 1% of total sales and (3) 6% of year-end accounts receivable.
b. Prepare the adjusting entry to record Bad Debts Expense assuming uncollectibles are estimated to be 0.5% of total sales.
c. Prepare the adjusting entry to record Bad Debts Expense assuming uncollectibles are estimated to be 6% of year-end accounts receivable.

Acme published a story about paul and as a result paul sued acme for damage to his reputation, emotional distress, and punitive damages. paul won an award of $20,000 for damages, $5,500 for emotional distress, and $50,000 for punitive damages. what amount must paul include in his gross income

Problem 9-5. net present value and taxes [lo 1, 2] penguin productions is evaluating a film project. the president of penguin estimates that the film will cost $20,000,000 to produce. in its first year, the film is expected to generate $16,500,000 in net revenue, after which the film will be released to video. video is expected to generate $10,000,000 in net revenue in its first year, $2,500,000 in its second year, and $1,000,000 in its third year. for tax purposes, amortization of the cost of the film will be $12,000,000 in year 1 and $8,000,000 in year 2. the company’s tax rate is 35 percent, and the company requires a 12 percent rate of return on its films. required what is the net present value of the film project? to simplify, assume that all outlays to produce the film occur at time 0. should the company produce the film?

You are attending college in the fall and you need to purchase a computer. you must finance the purchase because your parents will not purchase it for you, and you do not have the cash on hand to purchase it. in blank #1 determine which type of credit would you use to finance your purchase (installment, non-installment, or revolving credit). (2 points) in blank #2 defend your credit choice by explaining why your financing option is the best option for you. (2 points) in blank #3 explain why you selected that credit option over the other two options available. (2 points)