In the current year Mona Company requested and received permission from the IRS to switch its accounting method from the cash method to the accrual method. Taxable income this year (computed under the accrual basis) was $110,000. At the end of last year, Mona had accounts receivable of $32,000, accounts payable of $27,000 and merchandise inventory of $10,000. Determine Mona Company's taxable income after all (if any) adjustments. Is any relief available to Mona Company

Exercise 7-7 martinez company reports the following financial information before adjustments. dr. cr. accounts receivable $168,900 allowance for doubtful accounts $3,200 sales revenue (all on credit) 849,300 sales returns and allowances 50,440 prepare the journal entry to record bad debt expense assuming martinez company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but allowance for doubtful accounts had a $1,550 debit balance. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)

According to which act will be the person punished

Which of the following is the best example of substitution? a. movie producers begin making more comedies because they cost less to make than action films. b. people walk out before the end of a movie because the acting and the plot are terrible. c. people at the movie theater switch from popcorn to candy because popcorn has gotten too expensive. d. more people begin going to matinee movies instead of night movies to save money on the tickets.