The following information pertains to kingbird solar panels, inc.
july
1 sold $120,000 of solar panels to blossom company with terms 2/15, n/30. kingbird uses the gross method to record cash discounts. kingbird estimates allowances of $1,500 will be honored on this sale.
12 sold $80,000 of solar panels to ayayai corp. with terms of 3/10, n/60. kingbird expects no allowances related to this sale.
18 ayayai corp. paid kingbird for its july 12 purchase.
20 blossom calls to indicate that the panels purchased on july 1 work well, but the color is not quite right. kingbird grants a credit of $2,000 as compensation.
29 blossom company paid kingbird for its july 1 purchase.
31 kingbird expects allowances of $4,380 to be grated in the future related to solar panel sales in july.
prepare the necessary journal entries for kingbird.

Agood for which demand increases as income rises is and a good for which demand increases as income falls is

You are chairman of the board of a successful technology firm. there is a nominal federal corporate tax rate of 35 percent, yet the effective tax rate of the typical corporation is about 12.6%. your firm has been clever with use of transfer pricing and keeping money abroad and has barely paid any taxes over the last 5 years; during this same time period, profits were $28 billion. one member of the board feels that it is un-american to use various accounting strategies in order to avoid paying taxes. others feel that these are legal loopholes and corporations have a fiduciary responsibility to minimize taxes. one board member quoted what the ceo of exxon once said: “i’m not a u.s. company and i don’t make decisions based on what’s good for the u.s.” what are the alternatives? what are your recommendations? why do you recommend this course of action?

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