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Question - Kingbird Company has recorded bad debt expense in the past at a rate of 1.5% of accounts receivable, based on an aging analysis. In 2017, Kindgbird decides to increase its estimate to 2%. If the new rate had been used in prior years, cumulative bad debt expense would have been $387,800 instead of $299,000. In 2017, bad debt expense will be $122,400 instead of $91,130. If Kingbird's tax rate is 27%, what amount should it report as the cumulative effect changing the estimated bad rate?
Compare and contrast the different types of audit risk. Determine the type of risk that you think is the least detrimental and the most detrimental. Defend your answer.
Identify situations that might lead to unethical practices and behavior in accounting. Do you think the Sarbanes-Oxley Act has made a difference in the ethical behavior of companies regarding their financial accounting? Why or why not?
Did customers take greater (or lesser) advantage of sales discounts in 2015 than in 2014 and 2013? Does this indicate customers were more (or less) likely to promptly pay their balances in 2015 as compared to prior years? Calculate the average days t..
depardieu company. produces drone video helicopters for recreational surveillance. sales have been very erratic with
Mitch Corporation's contribution margin ratio is 14% and its fixed monthly expenses are $87,000. If the company's sales for a month are $678,000, what is the best estimate of the company's net operating income? Assume that the fixed monthly expens..
consider the following information pertaining to a years operations of youngstown manufacturingunits sold 1400units
A partnership that combines the advantages of the partnership and the corporation, while avoiding their disadvantages, is called a limited liability partnership
Analyze the information contained in the company's balance sheet and income statement to answer the following questions:
Determine the cost of head lamps that would appear in each of the following accounts at September 30, 2011: Raw Materials, Work in Process, Finished Goods, Cost of Goods Sold, and Selling Expenses.
Compute a cost-to-retail percentage (round to two decimals) under the following conditions.
______(c) Identifies suspicious transactions or likely mistakes such as wrong account numbers or duplicate transactions.
Is a company's PBO reported in the balance sheet? Its plan assets? Explain.
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