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Question - Determining Financial Statement Effects of Bad Debts Using the Percentage of Credit Sales Method
During the current year, Sun Electronics, Incorporated, recorded credit sales of $730,000. Based on prior experience, it estimates a 1 percent bad debt rate on credit sales.
a. On November 13 of the current year, an account receivable for $340 from a prior year was determined to be uncollectible and was written off.
b. At year-end, the appropriate bad debt expense adjustment was recorded for the current year.
Required - Show the effects of the above transactions on the following categories: Assets, Liabilities, and Stockholders' Equity. Indicate the accounts affected and enter decreases to account categories with a minus sign.
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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