Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $62,000 2) borrowed $47,000 from its bank 3) provided consulting services for $60,000 4) paid back $26,000 of the bank loan 5) paid rent expense for $14,500 6) purchased equipment costing $23,000 7) paid $4,100 dividends to stockholders 8) paid employees' salaries for work completed during the year, $32,000 What is Yowell's net income

Exercise 7-7 martinez company reports the following financial information before adjustments. dr. cr. accounts receivable $168,900 allowance for doubtful accounts $3,200 sales revenue (all on credit) 849,300 sales returns and allowances 50,440 prepare the journal entry to record bad debt expense assuming martinez company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but allowance for doubtful accounts had a $1,550 debit balance. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)