An analysis and aging of the accounts receivable of raja company at december 31 reveal the following data:
accounts receivable $800,000
allowance for doubtful accounts balance before adjustment (credit) 12,000
amounts expected to become uncollectible 65,000
how much is the cash (net) realizable value of the accounts receivable at december 31, after adjustment?

At the end of year 2, retained earnings for the baker company was $3,550. revenue earned by the company in year 2 was $3,800, expenses paid during the period were $2,000, and dividends paid during the period were $1,400. based on this information alone, retained earnings at the beginning of year 2 was:

Sye chase started and operated a small family architectural firm in 2016. the firm was affected by two events: (1) chase provided $25,000 of services on account, and (2) he purchased $2,800 of supplies on account. there were $250 of supplies on hand as of december 31, 2016. record the two transactions in the accounts. record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. post the entries in the t-accounts and prepare a post-closing trial balance.

What is one counter argument to the premise that the wealth gap is a serious problem which needs to be addressed?