1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Aleonysh [2.5K]
3 years ago
5

Aurora Corporation operated without insurance coverage for the first month of 2019. Then, on February 1, 2019, the company paid

the $4,800 premium on a two-year insurance policy with benefits beginning on that date. The company uses the accrual basis. How much insurance expense will be reported on the company's income statement for the year ended December 31, 2019? a) $200 b) $2,200 c) $4.600 d) $4,800
Business
1 answer:
Genrish500 [490]3 years ago
3 0

Answer:

Correct answer is letter B, $2,200

Explanation:

Using accrual basis method, revenue and expenses will be recognized when incurred.

The $4,800 is a 24 months policy, therefore we must compute the insurance expense applicable for the year covering from February 1 to December 31 (11 months)

An adjusting entry to recognize the expire portion of the insurance must be done at the year end in the amount of $2,200.

($4,800 / 24 months = $200 x 11 months = $2,200)

You might be interested in
Webster is a talented baker and has a degree in business management. He wants to own his own chain of incorporated bakeries one
Mars2501 [29]

Answer: High up-front costs

Explanation: Starting a corporation requires a large initial investment. (I took the test and got it correct)

3 0
2 years ago
Which of the following statements is incorrect? Employment insurance compensation encourages longer job searches, which may lead
Wittaler [7]

Answer:

Employment insurance compensation increases the opportunity cost of being

unemployed.

Explanation:

The Employment insurance program is the benefit that is provided temporarily to the people who do not have jobs or had lost their jobs of no fault of their own. This program helps the unemployed with financial help temporarily so that they can survive and search for another jobs.

The compensations provided from the employment insurance encourages the people for a longer job search and better match between the employees and the jobs. This financial aid is provided for up to a maximum of 26 months and for 1/3rd of one's latest salary. The demand and supply curve for te labor is shifting constantly.

Thus the incorrect statement is :

Employment insurance compensation increases the opportunity cost of being

unemployed.

6 0
2 years ago
Several employees are facing the possibility of being laid off from work. By concluding that they should look for new jobs
VLD [36.1K]

By concluding that they should look for new jobs  happens, they are solving problems.

C. solving problems.

<u>Explanation:</u>

Several employees face this problem of getting fired or laid off from work due to many reasons like drop in business profits, bankruptcy of the company, too much work force than required, not so competent work force, etc.

Before any situation like this occurs or when it is evident that something like this might occur the employees should start solving problems.

Therefore, whenever there is a possibility of being laid off occurs they first and foremost solve their problems.

7 0
3 years ago
g A monopoly may exist because Question 21 options: a) government has refused to grant a public franchise. b) one firm has the e
matrenka [14]

Answer:

B. one firm has the exclusive ownership of a scarce resource.

Explanation:

Monopoly can be regarded as market structure whereby a single seller thrives, this is a structure whereby the seller sells a unique product in the market. As far as monopoly market is concerned, no competition is been encontered by the manufacturer , because he is the only one selling goods with no close substitute. As a result of this there is restrictions of the entry of other sellers in the market.

It should be noted that monopoly may exist because one firm has the exclusive ownership of a scarce resource.

5 0
2 years ago
Read 2 more answers
You have received poor grades in Spanish over the last two semesters. How can you improve your grades?
kotykmax [81]

Answer:

The correct answer would be E, Taking Action.

Explanation:

You have received your poor grades in Spanish over the last two semester. Now it is the time to take action and improve your grades. You will have to take proper actions and measures in order to improve your grades in the coming semesters. So you will either have to join an extra coaching or ask your friends to teach you the language if they are getting excellent marks. You will have to work hard. You will have to give more time to study and understand the language. These are the actions that you would have to take.

7 0
3 years ago
Read 2 more answers
Other questions:
  • Duopoly quantity setting firms face the market demand P=150- Q. Each firm has a marginal cost of £60 per unit. What is the Stack
    10·1 answer
  • TrueDisk Inc. manufactures external hard disks for $32 per unit, and the maximum price customers are willing to pay is $47 per u
    10·1 answer
  • Principals that manage an llc owe its members __________.
    11·1 answer
  • When sending a resume to companies without seeing a job opening, it's best to send the same ones out
    7·2 answers
  • 16. Which type of footwear should be worn while working on a hybrid vehicle?
    8·2 answers
  • Melissa invested her savings in two investment funds. The amount she invested in Fund A was $6000 less than the amount she inves
    11·1 answer
  • What do the europeon union and the world trade organization have in common
    7·1 answer
  • (1) State which marketing environment affected Xerox's operation. (1mks)
    13·1 answer
  • John owns a small rental cottage in St Augustine and his mother Brenda lives nearby in a rented apartment. He is concerned about
    13·1 answer
  • The buyer of a put expects the price of the underlying stock to rise. <br><br> a. true <br> b. false
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!