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Net income was $150,000. The tax rate is 25%. There were no other revenues or expenses. Operating expenses were $50,000. What was Gross Profit?Name the two ways to record Bad Debt Expense.Total credit sales were $400,000, the current balance in the allowance for doubtful accounts is $400, and bad debts are estimated to be 15% of credit sales. Record the entry for Bad debt Expense.Gross Accounts receivable was $180,000. What amount for net receivables will be reported on the balance sheet?Before adjustments, there was already $3,000 in the allowance for doubtful accounts. Complete the chart and show the adjustment.Days OutAccts Rec. % UncollectibleEstimated Amount Uncollectible0-30$250,000531-60$645,0001361-90$300,00027$5,000 are determined to be uncollectible. Write off the balance. Net accounts receivable this year was $2,500. Last year was $2,000. Credit Sales this year were $4,000. Cash collected was $2,500. Bad debt expense for the year was $1,000. This year’s allowance for doubtful accounts was $300. Last years was $100. How much were write offs?Net sales for the year was $350,000. Last years net accounts receivable was $125,000 and this years was $100,000. What is the receivables turnover ratio? ................
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