Short answer

1. The Company uses the balance sheet approach to estimate bad debt expense. Credit sales for the period were $10 million. The beginning balance in the allowance for doubtful accounts was a credit balance of $44,300. During the year, $41,000 of receivables were written off. The aging schedule suggests that the ending balance in the allowance for doubtful accounts is $51,500. What was bad debt expense for the period? Credit sales were $950,000. Cash flow from operating activities was $650,000. Cash sales were $350,000. Accrual expenses were $925,000. Cash flow from financing activities was $400,000. What was net income? What does the current portion of long term debt represent? In periods of rising prices, which inventory method (LIFO or FIFO) will provide you with a higher net income? Record the journal entry to write off $4,000 of receivables that were deemed uncollectible.Assume that $500 of the receivables written off in (8) were subsequently collected. Record the journal entry to record the collection of the $500. What does a deferred tax liability represent?What does a deferred tax asset represent?What was the gain on the disposal of a piece of equipment if the equipment had a historical cost of $25,000, related accumulated depreciation of $13,500, and was sold for $15,500. In addition, in its last year, the equipment had produced 4,000 units of inventory that had been sold for $3.50 a piece. Each piece had an inventory cost of $1.75 a piece. What is goodwill on the balance sheet? What does a gain on the disposal of an asset represent? Why is the loss on the disposal of an asset considered a non-cash item? Current assets are $45,000. Current liabilities are $35,000. Long term assets are $60,000. Long term liabilities are $10,000. What is the current ratio?