Kemps, a typical profit maximizing dairy firm, is operating in a constant cost, perfectly competetitive industry that is in long-run equilibrium. a. draw correctly labeled side-by side graphs for the dairy market and (a) for kemps and show each of the following.(i) price and output for the industry (ii) price and output for kemps b. assume that milk is a normal good and that consumer income falls. assume that kemps continues to produce. on your graphs in part (a), show the effect of the decrease in income on each of the following in the short run. (i) price and output for the industry (ii) price and output for kemps (iii) area of loss or profit for kemps c. following the decrease in consumer income, what must be true for kemps to continue to produce in the short run? d. assume that the industry adjusts to a new long-run equilibrium. compare the following between the initial and the new long-run equilibrium. (i) price in the industry (ii) output of a typical firm (iii) the number of firms in the dairy industry

Swathmore clothing corporation grants its customers 30 days' credit. the company uses the allowance method for its uncollectible accounts receivable. during the year, a monthly bad debt accrual is made by multiplying 3% times the amount of credit sales for the month. at the fiscal year-end of december 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. at the end of 2012, accounts receivable were dollar 586.000 and the allowance account had a credit balance of dollar 50,000. accounts receivable activity for 2013 was as follows: the company's controller prepared the following aging summary of year-end accounts receivable: prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. (if no entry is required for a particular event, select "no journal entry required" in the first account field.) prepare the necessary year-end adjusting entry for bad debt expense. (if no entry is required for an event, select "no journal entry required" in the first account field.) what is total bad debt expense for 2013? calculate the amount of accounts receivable that would appear in the 2013 balance sheet?