On january 2, year 1, bates corp. purchased and placed into service 7-year macrs tangible property costing $100,000. on december 31, year 3, bates sold the property for $102,000, after having taken $47,525 in macrs depreciation deductions. what amount of the gain should bates recapture as ordinary income?

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Money from an allowance or job is known as .

Colorado rocky cookie company offers credit terms to its customers. at the end of 2018, accounts receivable totaled $715,000. the allowance method is used to account for uncollectible accounts. the allowance for uncollectible accounts had a credit balance of $50,000 at the beginning of 2018 and $30,000 in receivables were written off during the year as uncollectible. also, $3,000 in cash was received in december from a customer whose account previously had been written off. the company estimates bad debts by applying a percentage of 15% to accounts receivable at the end of the year. 1. prepare journal entries to record the write-off of receivables, the collection of $3,000 for previously written off receivables, and the year-end adjusting entry for bad debt expense.2. how would accounts receivable be shown in the 2018 year-end balance sheet?