During burns company's first year of operations, credit sales totaled $180,000 and collections on credit sales totaled $125,000. burns estimates that bad debt losses will be 1.0% of credit sales. by year-end, burns had written off $500 of specific accounts as uncollectible. required: 1. prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. 2. show the year-end balance sheet presentation for accounts receivable.

Garfield corporation is considering building a new plant in canada. it predicts sales at the new plant to be 50,000 units at $5.00/unit. below is a listing of estimated expenses. category total annual expenses % of annual expense that are fixed materials $50,000 10% labor $90,000 20% overhead $40,000 30% marketing/admin $20,000 50% a canadian firm was contracted to sell the product and will receive a commission of 10% of the sales price. no u.s. home office expenses will be allocated to the new facility. the contribution margin ratio for garfield corporation is