Leeann asked: sales method is used to estimate bad debts what is the balance of the allowance for Doubtful accounts after the adjustments for bad debts? Sales (100% on credit) 950,000 Sales Return & Allowances 21,000 Accounts Receivables 114,000 Allowance for Doubtful Accounts (before adjustments at December 31: Credit balance) 1,000

James asked: I have reviewed both my introductory and intermediate accounting books, and they don’t show what exactly net sales are when estimating bad debts. They give you a number called net sales, but don’t tell you how that is actually pulled from the general ledger accounts. For example, net sales of $200,000 with bad [...]

Mike asked: If an account of a sales person(company x) goes bad and owes money, can company x charge the sales person a percentage of the bad debt?

Ryan J asked: I am on wage garnishment (10%) of gross pay due to a partners’ embezzelment of NYS sales tax. I lost my job, missed payments, and they seized what was left of my bank account. Now married and expecting, will NYS seize my family’s accounts? Does it matter how one files their taxes? [...]

JP asked: Hi – I am considering entering into a short sale of my townhouse, but I was wondering if anyone can advise me on if whether or not the Mortgage Forgiveness Debt Relief Act 2007, applies to the difference between what I purchased the townhouse for in 2006 and what it will ultimately sell [...]

interfan asked: What more can I do to add to my net worth and to maximize earnings and income. Not wanting to seem greedy, just want to capitalize my flexibility and want some advice. What can I do? Buy another home for investment purposes or invest in mutual funds, dont know what to do?? Thanks [...]

Gloria asked: I thought it’d be interesting to see what people thought about this; do you think it’s a good idea? who would it benefit, do you think? why might this be a good/bad idea?

gitrdoneobama asked: Maybe about 5% on non-essential goods and services? Raise taxes on alcohol, legalize pot and tax it too and use all this money to pay off past and current debts? Along with cutting spending down once we get out of this economic mess of course. Any other ideas?

me-inside asked: More so than the average person?

jim asked: No one likes to pay taxes, but our debt is approaching NINE trillion dollars and the spineless wonders in Washington don’t have the political will to do anything about it. In the meantime, this debt is going to get passed along to our kids. What a legacy…It’s just not right.