Accrual accounting defines something called “net income” whi…

Accrual accounting defines something called “net income” which is intended to measure changes in the economic value of the firm and is different from cash flows. Imagine that you were trying to adjust a Monopoly company’s net income to find its cash flows from operating activities at the end of 2021 (as you would if you were preparing the operating section of the cash flow statement using the indirect method). The company’s balance sheet shows that it had accounts receivable of $100 at the end of 2020 and accounts receivable of $200 at the end of 2021. How would you use this information to adjust net income, bringing it closer to cash flows from operating activities?

What’s one “hill” you’re willing to die on? In other words,…

What’s one “hill” you’re willing to die on? In other words, what’s one thing that you will probably go to your grave believing that no one can convince you otherwise? Maybe it’s the Oxford comma shouldn’t exist or pineapples don’t belong on pizza. Before my online students put me on the spot and ask me (Heidie), a hill I’m willing to die on is that vanilla and chocolate swirled ice cream is pretty much a waste. It ultimately becomes chocolate ice cream. 

For the event described below, make the appropriate entries…

For the event described below, make the appropriate entries in journal entry format to record its effects on the firm.  Assume that on 2/12/2013 Reppenhagen Co. becomes confident it will not collect a $25 account receivable owed by its customer Cocaine Boy. In your answer, use the account title “AR” or “Rec” to refer to this particular account receivable. Please make the journal entry to write off the uncollectible account receivable. Date Account(s) you debit (left aligned and listed first)     Account(s) you credit      (indented and listed last) Debit Credit 2/12/13       25  25 Notes on answer format: In the portion of the journal entry listing accounts: Identify accounts using the official account abbreviations (use the official account abbreviations which you can review by looking at the images at the bottom of this question. Pay attention to capitalizations!). In the portion of the journal entry listing dollar amounts:  In some cases, the dollar amount will be filled in for you. When you fill in a dollar amount, do not use any spaces, commas, or symbols.  If there is a place for an answer but you think it should be left blank, enter the number 0.