Problem 7-3 (Part Level Submission) Kingbird Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Kingbird's Accounts Recelvable account was $599,400 and Allowance for Doubtful Accounts had a credit balance of $44,570. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below Probability of Days Account Outstanding Less than 16 days Between 16 and 30 days Between 31 and 45 days Between 46 and 60 days Between 61 and 75 days Over 75 days Amount $315,900 116,300 89,800 41,300 20,700 15,400 Collection 0.97 0.90 0.86 0.78 0.54 0.00 Assume that accounts with a zero percent chance of collection are intended to be written off. Your answer is correct. What is the appropriate balance for Allowance for Doubtful Accounts at year-end? Balance for Allowance for Doubtful Accounts 52287 Your answer is correct Show how accounts receivable would be presented on the balance sheet. KINGBIRD CORPORATION Balance Sheet (Partial) Accounts Receivable 584000 | Less 52287 Allowance for Doubtful Accounts Net Accounts Receivable 531713 SHOW SOLUTION SHOW ANSWER LINK TO TEXT By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by you Attempts: 1 of 3 used Earn Maximum Poin answer this questior or less What is the dollar effect of the year-end bad debt adjustment on the before-tax income? Dollar effect of the year-end bad debt adjustment