At the close of its first year of operations, December 31, 2020, Swifty Corporation had accounts receivable of $1590000, after deducting the related allowance for doubtful accounts. During 2020, the company had charges to bad debt expense of $253000 and wrote off, as uncollectible, accounts receivable of $112000. What should the company report on its balance sheet at December 31, 2020, as accounts receivable before the allowance for doubtful accounts

Which of the following statements is correct? large corporations are taxed more favorably than sole proprietorships. corporate stockholders are exposed to unlimited liability. due to limited liability, unlimited lives, and ease of ownership transfer, the vast majority of u. s. businesses (in terms of number of businesses) are organized as corporations. most businesses (by number and total dollar sales) are organized as partnerships or proprietorships because it is easier to set up and operate in one of these forms rather than as a corporation. however, if the business gets very large, it becomes advantageous to convert to a corporation, mainly because corporations have important tax advantages over proprietorships and partnerships. most business (measured by dollar sales) is conducted by corporations in spite of large corporations’ often less favorable tax treatment, due to legal considerations related to ownership transfers and limited liability.