A trial balance before adjustment included the following: Debit Credit
Accounts receivable $133,000
Allowance for doubtful accounts $1,080
Sales 471,000
Sales returns and allowances 5,200

Required:
Prepare journal entries assuming that the estimate of uncollectible is determined by taking (1) 4% of gross accounts receivable.

At the end of the year, blossom co. has pretax financial income of $561,000. included in the $561,000 is $73,000 interest income on municipal bonds, $25,000 fine for dumping hazardous waste, and depreciation of $64,400. depreciation for tax purposes is $48,300. compute income taxes payable, assuming the tax rate is 30% for all periods.

Synovec co. is growing quickly. dividends are expected to grow at a rate of 24 percent for the next three years, with the growth rate falling off to a constant 7 percent thereafter. if the required return is 11 percent, and the company just paid a dividend of $2.05, what is the current share price? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Why do police officers get paid less than professional baseball players?