Benny's Repair Shop started the year with total assets of $120,000 and total liabilities of $50,000 and Common Stock of $30,000. During the year, the business recorded $210,000 in revenues, $110,000 in expenses, and dividends of $5,000. Retained earnings at the beginning of the year was (HINT: use the basic accounting equation to answer this question):

At the end of the current year, accounts receivable has a balance of $550,000; allowance for doubtful accounts has a credit balance of $5,500; and sales for the year total $2,500,000. an analysis of receivables estimates uncollectible receivables as $25,000. determine the net realizable value of accounts receivable after adjustment. (hint: determine the amount of the adjusting entry for bad debt expense and the adjusted balance of allowance of doubtful accounts.)

Aprimary advantage of organizing economic activity within firms is thea. ability to coordinate highly complex tasks to allow for specialized division of labor. b. low administrative costs because of reduced bureaucracy. c. eradication of the principal-agent problem. d. high-powered incentive to work as salaried employees for an existing firm.

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