Tim is a single, cash-method taxpayer with an agi of $50,000. in april of this year, tim paid $820 with his state income tax return for the previous year. during the year, tim had $4,400 of state income tax and $15,900 of federal income tax withheld from his salary. in addition, tim made estimated payments of $1,060 and $1,620 of state and federal income taxes, respectively. finally, tim expects to receive a refund of $400 for state income taxes when he files his state tax return for this year in april next year. what is the amount of taxes that tim can deduct as an itemized deduction?

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?