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Category > Business & Finance Posted 29 May 2017 My Price 4.00

Jana Kingston Company has recorded bad debt expense in the past at a rate

Jana Kingston Company has recorded bad debt expense in the past at a rate of 11/2% of net sales. In 2008, Kingston decides to increase its estimate to 2%. If the new rate had been used in prior years, cumulative bad debt expense would have been $380,000 instead of $285,000. In 2008, bad debt expense will be $120,000 instead of $90,000. If Kingston’s tax rate is 30%, what amount should it report as the cumulative effect of changing the estimated bad debt rate?

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Alpha Geek
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Status NEW Posted 29 May 2017 11:05 AM My Price 4.00

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file 1496058298-248507_1_636315665702389975_248507.docx preview (128 words )
J-----------ana----------- Ki-----------ngs-----------ton----------- Co-----------mpa-----------ny -----------has----------- re-----------cor-----------ded----------- ba-----------d d-----------ebt----------- ex-----------pen-----------se -----------in -----------the----------- pa-----------st -----------at -----------a r-----------ate----------- of----------- 11-----------/2%----------- of----------- ne-----------t s-----------ale-----------s. -----------In -----------200-----------8, -----------Kin-----------gst-----------on -----------dec-----------ide-----------s t-----------o i-----------ncr-----------eas-----------e i-----------ts -----------est-----------ima-----------te -----------to -----------2%.----------- If----------- th-----------e -----------new----------- ra-----------te -----------had----------- be-----------en -----------use-----------d i-----------n p-----------rio-----------r y-----------ear-----------s, -----------cum-----------ula-----------tiv-----------e b-----------ad -----------deb-----------t e-----------xpe-----------nse----------- wo-----------uld----------- ha-----------ve -----------bee-----------n $-----------380-----------,00-----------0 i-----------nst-----------ead----------- of----------- $2-----------85,-----------000-----------. I-----------n 2-----------008-----------, b-----------ad -----------deb-----------t e-----------xpe-----------nse----------- wi-----------ll -----------be -----------$12-----------0,0-----------00Â----------- in-----------ste-----------ad -----------of -----------$90-----------,00-----------0. -----------If -----------Kin-----------gst-----------onâ-----------€™s----------- ta-----------x r-----------ate----------- is----------- 30-----------%, -----------wha-----------t a-----------mou-----------nt -----------sho-----------uld----------- it----------- re-----------por-----------t a-----------s t-----------he -----------cum-----------ula-----------tiv-----------e e-----------ffe-----------ct -----------of
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