User Account

All Pages

What amount should it report as the cumulative effect

Assignment Help Accounting Basics
Reference no: EM132458349

Problem - 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?

Reference no: EM132458349

Questions Cloud

Compare and contrast lecture a doll house : Compare and contrast lecture A Doll House,compare and contrast. Compare with Lindy and Lara or compare the women to the men.
Discuss regulatory issue common to human services profession : Identify and discuss, in detail, the legal and regulatory issues common to the human services profession Discuss how risk management strategies might alleviate
What the play is trying to say? : What the play is trying to say? Why does it tell the story like this?What the producer intended (sound, scene)?How it relates to you?
Why is ge so interested in reverse innovation : What are the similarities and differences between GE's traditional innovation and reverse innovation?Why is GE so interested in reverse innovation
What amount should it report as the cumulative effect : If Kingbird's tax rate is 27%, what amount should it report as the cumulative effect changing the estimated bad rate
Discuss the different measures of central tendency : Discuss the different measures of central tendency, the measures of central tendency are the mean, median, and the mode.
Prepare a statement of unrestricted revenues : Prepare the following: A Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets. A Statement of Activities
Describe medieval society : What was the social hierarchy of the feudal system? How did the reemergence of cities challenge traditional feudal social structures?
Explain the advent of islam : Explain the advent of Islam. How was Muhammad successful in creating the Umma? What led Christians and Muslims to go to war

Reviews

Write a Review

Accounting Basics Questions & Answers

  Examine the steps used to allocate available partnership

Examine the steps used to allocate available partnership assets in liquidation under the Uniform Partnership Act (UPA) and make at least one recommendation for improving the process. Explain your rationale.

  Calculate the ending inventory of drums

Calculate the ending inventory of drums for December of the prior year, and for January and February.

  Research how financial market influence the global economies

Choose 4 financial markets or institutions. Briefly explain what each specializes in (mortgages, stocks, government securities, etc.).

  Discuss taxation for decision makers

Eremy is setting up a service business. He can either operate the business as a sole proprietorship or he can incorporate as a regular C corporation

  Discuss the taxability of fremont provision

Courtney is an employee of Fremont Company. An average of three times a week, she works out during her lunch hour at a health club provided by Fremont. Discuss the taxability of Fremont's provision of the health club in the following situations:

  A person borrows 1375 at 115 simple interest a payment of

a person borrows 1375 at 11.5 simple interest. a payment of 320 at the end of 2 years and a payment of 640 is made at

  What is the profit in each country

If the tax rate in country M is 20%, while in the U.S. it is 40%; what is the profit in each country? What are the combined profits in U.S. dollars for the month? What happens if we change the transfer price to $600? Why?

  Replacement of the equipment

Does this mean that the replacement cost of the equipment is $44,500,000 and that $29,800,000 is set aside in a special fund for the replacement of the equipment? Explain.

  Find total fixed manufacturing overhead

Hibshman Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year

  Do you think the class-action lawsuits have merit

Would you expect Lucent's earnings to 'recover' by the second quarter of 2000? What obstacles to Lucent's earnings recovery present themselves?

  Qualitative characteristics of accounting information

Is such reporting consistent with the qualitative characteristics of accounting information as discussed in the conceptual framework

  What are the different ways to estimate bad debt

What are the different ways to estimate bad debt? How does this affect net income? What does Generally Accepted Accounting Principles (GAAP) require

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd