Journalise the following transactions: a) shyam became insolvent. a first and final compensation of 75 paise in a rupee was received from his official. he owed a debt of 50,000. b) received cash 25,000 for a bad debt written of last year. c) rent due to landlord 40,000. d) depreciation on office furniture 5000. e) salaries due to staff 50,000. f) paid income tax 1,50,000. g) received commission 25,000 half of which is in advance.

Baskin promotions, inc. sells t-shirts decorated for a variety of concert performers. the company has developed the following budget for the coming year based on a sales forecast of 80,000 t-shirts: sales $ 1,400,000 cost of goods sold 820,000 gross profit 580,000 operating expenses ($100,000 is fixed) 418,400 operating income 161,600 income taxes (30% of operating income) 48,480 net income $ 113,120 cost of goods sold and variable operating expenses vary directly with sales, and the income tax rate is 30% at all levels of operating income. if the concert season is slow due to poor weather, baskin estimates that sales could fall to as low as 60,000 t-shirts. assume baskin actually achieves the 60,000 unit sales level, and that net income actually earned at this level was $70,000. a performance report would indicate that net income was: