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
"It is legal to write a check when your account does not have funds to cover it."A. TrueB. False
Vitek1552 [10]
The answer you are looking for is false
5 0
3 years ago
Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of declining real GDP, suc
Murljashka [212]
The answer to this question is the choice 'a recession'. The period of decline in real GDP and other factors in the economy such as the blue-shaded period in 1948 is called a recession.
6 0
3 years ago
All of the following statements about the geography of meat production in the United States and Canada are true EXCEPT:
Softa [21]

Answer:

All of the following statements about the geography of meat production in the United States and Canada are true EXCEPT: Consumer demand for organic foods has significantly decreased the amount of meat produced by most agribusiness firms.

Explanation:

Organic foods are grown without the use of synthetic additives like fertilizer and pesticides for plants, antibiotics and growth hormones for animals.

Consumer demand for organic products due to its health benefits has not significantly decreased the amount of meat produced by most agribusiness firms. Instead, it has created another lucrative business niche for meat production corporations.

Organic foods are now being produced to meet the demand for it along side with those that are not organic.

There is however a higher charge associated with organic foods.

8 0
3 years ago
A man purchased a magazine at the airport for $ 2.79 . The tax on the purchase was $ 0.15 .What is the tax rate at the​ airport?
lana66690 [7]

Answer:

Tax on the airport= 5.376%

Explanation:

The tax rate on the airport can be calculated from  the price of the magazine on the airport and tax which is on the magazine when purchasing from the airport.

Tax rate at the airport=(Tax on the Purchase)/(Price of magazine at which it is purchased)

Tax\ rate\ at\ the\ airport=\frac{\$0.15}{\$2.79}

Tax\ rate\ at\ the\ airport=0.05376

In percentage:

Tax on the airport= 0.05376*100

Tax on the airport= 5.376%

4 0
3 years ago
If current rates of use and extraction do not change, known natural gas reserves are expected to last ____________ years.
Otrada [13]

40-55 years is the expected number of years that known natural gas reserves are expected to last given that the current rates of use and extraction<span> do not change. The world has 40-55 years left to find an alternative to oil before it runs out.</span> 

 

 

 

<span> </span>

7 0
3 years ago
Other questions:
  • Zion Manufacturing had always made its components in-house.
    8·1 answer
  • Clark claimed the standard deduction in the previous tax year. In the current year, he received a state income tax refund of $90
    15·1 answer
  • With regard to compensation in cooperative sales, the____________ broker will be the person who handles the commission splits fo
    6·1 answer
  • Whats a career that's fun and pays good?
    15·2 answers
  • Jim and Carolyn, who are married, establish a Coverdell Education Savings Account to pay for the future college expenses of thei
    11·1 answer
  • A truck costs $9,000 with a residual value of $1,000. the truck is expected to have a useful life of 40,000 miles. By assuming t
    13·1 answer
  • Recent changes in the way people work, including the composition of the workplace and the use of enhanced technologies, are join
    11·1 answer
  • Marta is CEO of a large financial company. She is always open to the opinions of her employees and tries to make a decision base
    14·1 answer
  • If, at some interest rate, the quantity of money demanded is less than the quantity of money supplied, people will desire to
    6·2 answers
  • Question 18 of 20
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!