At the beginning of year 3 omega company had a $52,000 balance in its accounts receivable account and a $1,400 balance in allowance for doubtful accounts. during year 3 omega experienced the following events. (1) omega earned $220,000 of revenue on account. (2) collected $230,000 cash from accounts receivable. (3) wrote-off $1,000 of accounts receivable as uncollectible. omega estimates uncollectible accounts to be 4% of receivables. based on this information, the december 31, year 3 balance in the accounts receivable account isa. $41,000.b. $40,000.c. $52,000.d. none of the answers is correct.

In the supply-and-demand schedule shown above, at the lowest price of $50, producers supply music players and consumers demand music players.

Lynch company manufactures and sells a single product. the following costs were incurred during the company’s first year of operations: variable costs per unit: manufacturing: direct materials $ 12 direct labor $ 6 variable manufacturing overhead $ 1 variable selling and administrative $ 1 fixed costs per year: fixed manufacturing overhead $ 308,000 fixed selling and administrative $ 218,000 during the year, the company produced 28,000 units and sold 15,000 units. the selling price of the company’s product is $56 per unit. required: 1. assume that the company uses absorption costing: a. compute the unit product cost. b. prepare an income statement for the year. 2. assume that the company uses variable costing: a. compute the unit product cost. b. prepare an income statement for the year.

Which of the following is not an example of one of the four mail advantages of prices on a free market economy