On January 1, 2016, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $65,400 and $1,700, respectively. During the year Kincaid reported $162,000 of credit sales. Kincaid wrote off $1,350 of receivables as uncollectible in 2016. Cash collections of receivables amounted to $178,900. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales.

The amount of uncollectible accounts expense recognized in the 2016 income statement will be:
Kincaid's entry to recognize the write-off of the uncollectible accounts will
Kincaid's entry required to recognize the uncollectible accounts expense for 2016 will
The net realizable value of receivables appearing on Kincaid's 2016 balance sheet will amount to:

1. Dr Allowance for bad debts     1350

          Cr Account receivable                  1350

     (Entry to write off un-collectible account in 2016)

2. Dr Bad debts expense   1620

       Cr Allowance for bad debts        1620

       9 Entry to record estimates of un-collectible)

Explanation:

a). Opening allowance for doubtful debts = 1700

Kincaid estimates 1% credit sales is collectibles = 162000 * 1% = 1620.

Total Allowance for doubtful debts =  1700+ 1620 = 3320

less: write off in 2016                                                   (1350)

         Allowance for doubtful debts at end                1970

Net realizable value:

Account receivable (end)=Account receivable (open)+ Sales during year -cash received against sales.

                      =65400+162000-178900

                     = 48500

Net realizable value = Account receivable (end)- Allowance for doubtful debt (end)

                         =  48500-1970

                       =  46530

answer; realistic job preview;

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.