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Question - During its first year of operations, Mack's Plumbing Supply Co. had sales of $220,000, wrote off $3,000 of accounts as uncollectible using the direct write-off method, and reported net income of $24,200.
Assume that during the second year of operations Mack's Plumbing Supply Co. had sales of $264,000, wrote off $3,600 of accounts as uncollectible using the direct write-off method, and reported net income of $26,400.
a. Determine what net income would have been in the second year if the allowance method (using 1-3/4% of sales) had been used in both the first and second years.
b. Determine what the balance of the allowance for doubtful accounts would have been at the end of the second year if the allowance method had been used in both the first and second years. If required, use the minus sign to indicate a "debit" balance.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
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