Mc corporation reports the following non-gaap information in its 2016 form 10-k. use this information to answer the requirements. year ended december 31 ($ in millions) 2016 2015 net income attributable to fmc stockholders (gaap) $227.4 $507.3 corporate special charges (income), pre-tax 159.7 573.5 income tax expense (benefit) on corporate special charges (income) (48.5) (144.9) corporate special charges (income), net of income taxes 111.2 428.6 discontinued operations attributable to fmc stockholders, net of income taxes 33.7 (676.4) non-gaap tax adjustments 29.7 95.3 adjustments after tax earnings from continuing operations attributable to fmc stockholders (non-gaap) $402.0 $354.8 we believe that this measure provides useful information about our operating results to investors. we also believe that excluding the effect of restructuring and other income and charges, non-operating pension and postretirement charges, certain non-gaap tax adjustments from operating results and discontinued operations allows management and investors to compare more easily the financial performance of our underlying businesses from period to period. compute the return on equity for each year. average equity was $1,911.7 million and $1,698.1 million for 2016 and 2015, respectively. round answers to one decimal place (ex: 0.2345 = 23.5%)

Assume that all of thurmond company’s sales are credit sales. it has been the practice of thurmond company to provide for uncollectible accounts expense at the rate of one-half of one percent of net credit sales. for the year 20x1 the company had net credit sales of $2,021,000 and the allowance for doubtful accounts account had a credit balance, before adjustments, of $630 as of december 31, 20x1. during 20x2, the following selected transactions occurred: jan. 20 the account of h. scott, a deceased customer who owed $325, was determined to be uncollectible and was therefore written off. mar. 16 informed that a. nettles, a customer, had been declared bankrupt. his account for $898 was written off. apr. 23 the $906 account of j. kenney & sons was written off as uncollectible. aug. 3 wrote off as uncollectible the $750 account of clarke company. oct. 20 wrote off as uncollectible the $1,130 account of g. michael associates. oct. 27 received a check for $325 from the estate of h. scott. this amount had been written off on january 20 of the current year. dec. 20 cater company paid $7,000 of the $7,500 it owed thurmond company. since cater company was going out of business, the $500 balance it still owed was deemed uncollectible and written off. required: prepare journal entries for the december 31, 20x1, and the seven 20x2 transactions on the work sheets provided at the back of this unit. then answer questions 8 and 9 on the answer sheet. t-accounts are also provided for your use in answering these questions. 8. which one of the following entries should have been made on december 31, 20x1?

Which feature is a characteristic of a corporation?

Which of the following is not an example of one of the four mail advantages of prices on a free market economy