On december 31 of the current year, the unadjusted trial balance of a company using the percent of receivables method to estimate bad debt included the following: accounts receivable, debit balance of $98,900; allowance for doubtful accounts, credit balance of $1,131. what amount should be debited to bad debts expense, assuming 4% of outstanding accounts receivable at the end of the current year are estimated to be uncollectible?

Suppose jamal purchases a pair of running shoes online for $60. if his state has a sales tax on clothing of 6 percent, how much is he required to pay in state sales tax?

Factors like the unemployment rate, the stock market, global trade, economic policy, and the economic situation of other countries have no influence on the financial status of individuals. question 1 options: true false

The following pertains to smoke, inc.’s investment in debt securities: on december 31, year 3, smoke reclassified a security acquired during the year for $70,000. it had a $50,000 fair value when it was reclassified from trading to available-for-sale. an available-for-sale security costing $75,000, written down to $30,000 in year 2 because of an other-than-temporary impairment of fair value, had a $60,000 fair value on december 31, year 3. what is the net effect of the above items on smoke’s net income for the year ended december 31, year 3?