Gomez, Inc. sells machinery and equipment to warehouses. Most sales are on account. On April 1, 2017, the company has a debit balance of $220,000 in accounts receivable and a credit balance of $10,500 in the allowance for doubtful accounts. During the second quarter (from April 1 through June 30, 2017), Gomez records the following activities: Total sales of $260,000. $25,000 are in cash, and the remainder is on account. Collections from customers for previous credit sales totaling $240,000. Write-offs of two accounts as uncollectible: one for $3,200 and one for $1,700. Total other expenses of $165,500. Based on historical averages and expectations about the economy going forward, Gomez calculates bad debt expense as 3.5% of credit sales during the period. Calculate the following amounts (enter whole numbers without a $): The bad debt expense for the quarter ended June 30, 2017. The balance of accounts receivable on June 30, 2017. The balance of the allowance for doubtful accounts on June 30, 2017. The net accounts receivable balance on June 30, 2017. The net income for the quarter ended June 30, 2017

Reqwest llc agrees to sell one hundred servers to social media networks, inc. the servers, which social media networks expressly requires to have certain amounts of memory, are to be shipped “f.o.b. social media networks distribution center in tampa, fl.” when the servers arrive, social media networks rejects them and informs reqwest, claiming that the servers do not conform to social media networks’ memory requirement. a few hours later, the servers are destroyed in a fire at social media networks’ distribution center. will reqwest succeed in a suit against social media networks for the cost of the goods?

Camping gear, inc. had 500 units of inventory on hand at the end of the year. these were recorded at a cost of $ 13 each using the lastminusin, firstminusout (lifo) method. the current replacement cost is $ 9 per unit. the selling price charged by camping gear, inc. for each finished product is $ 14. as a result of recording the adjusting entry as per the rule, the gross profit will

Sri lanka is one of the major tea producing nations in the world. a substantial portion of the country's annual tea production gets exported to various countries, including the united arab emirates, russia, and other countries in the middle east. given the success in these countries, sri lanka decided to foray into the asian market. research evidence indicated that people in myanmar are major consumers of tea and that there is a high demand for tea in that country. this convinced industry experts in sri lanka that exporting to myanmar was a good idea. even though sri lankan tea was priced competitively, sales in myanmar turned out to be far lower than expected. which of the following, if true, could explain this outcome? a. myanmar exported a substantial amount of its annual tea production that year. b. the tea exported from sri lanka is of the highest quality. c. the myanmar government hiked the minimum wage for labor. d. people in myanmar are willing to pay more for their domestic tea brands than for foreign brands. e. sri lankan tea exports to other asian countries like india and china have also not been very successful.