E1-5 (algo) completing a balance sheet and inferring net income lo1-1 [the following information applies to the questions displayed below.] bennett griffin and chula garza organized cole valley book store as a corporation; each contributed $71,400 cash to start the business and received 4,400 shares of common stock. the store completed its first year of operations on december 31, current year. on that date, the following financial items for the year were determined: december 31, current year, cash on hand and in the bank, $68,550; december 31, current year, amounts due from customers from sales of books, $44,000; unused portion of store and office equipment, $78,500; december 31, current year, amounts owed to publishers for books purchased, $13,800; one-year note payable to a local bank for $3,300. no dividends were declared or paid to the stockholders during the year. e1-5 part 2 2. what was the amount of net income for the year? (hint: use the retained earnings equation [beginning retained earnings + net income − dividends = ending retained earnings] to solve for net income.)

Read the following scenario and answer the question in 5-10 sentences. you are the owner of a small business that is a defendant in a lawsuit in federal court. you received bad news from your lawyer that the judge did not allow certain documents to be admitted as evidence in court and that the jury reached a $50,000 verdict in favor of the plaintiff. your lawyer tells you that it is within your legal right to hire him to file an appeal with the united states court of appeals. if the appellate court rules in your favor, you may be able to avoid paying part or all of the $50,000. evaluate your lawyer’s suggestion about appealing the decision.

Any point on a country's production possibilities frontier represents a combination of two goods that an economy:

Swathmore clothing corporation grants its customers 30 days' credit. the company uses the allowance method for its uncollectible accounts receivable. during the year, a monthly bad debt accrual is made by multiplying 3% times the amount of credit sales for the month. at the fiscal year-end of december 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. at the end of 2012, accounts receivable were dollar 586.000 and the allowance account had a credit balance of dollar 50,000. accounts receivable activity for 2013 was as follows: the company's controller prepared the following aging summary of year-end accounts receivable: prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. (if no entry is required for a particular event, select "no journal entry required" in the first account field.) prepare the necessary year-end adjusting entry for bad debt expense. (if no entry is required for an event, select "no journal entry required" in the first account field.) what is total bad debt expense for 2013? calculate the amount of accounts receivable that would appear in the 2013 balance sheet?