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Tanya [424]
2 years ago
10

On july 1, book palace prepaid 12 months' fire insurance with coverage starting the following month. the adjusting entry on dece

mber 31 includes?
Business
1 answer:
pochemuha2 years ago
6 0

The adjusting entry on December 31 includes <u>a debit to Insurance</u> <u>Expense; a credit to </u><u>Prepaid Insurance</u>

This is further explained below.

<h3>What is fire insurance?</h3>

Generally, A valid contract even against loss or damage caused by an unintentional fire or other incidents that are normally covered under a fire policy is what is known as fire insurance.

The term "fire insurance" refers to a kind of homeowners insurance that compensates the policyholder for financial losses and damages brought on by the fire.

In conclusion, There is often some level of fire protection included in the majority of plans; however, homeowners may be able to obtain extra coverage in the event that their property is destroyed or damaged as a result of the fire.

Read more about fire insurance

brainly.com/question/27822778

#SPJ1

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What is opportunity cost? ( selext the best answer)
bixtya [17]

Answer: the loss of potential gain from other alternatives when one alternative is chosen

Explanation:

8 0
2 years ago
What are the subjects of economics
Irina-Kira [14]

Answer:

Econometrics.

Economic policy.

Legal studies.

Money and banking.

Global finance.

Economic history.

International trade.

Collective decisions.

Explanation:

I believe this is what you are asking for. Hope this is helpful :).

5 0
3 years ago
Which of the following is not a potential cause of stagnant economic​ growth?
Alex Ar [27]

Answer: Option D

 

Explanation: In simple words, stagnant economic growth refers to a situation when an economy faces very low or no economic growth for a long period of time.

Generally when an economy faces less than 2 percent economic growth for a period of more than one year, than it will be considered as stagnant economic growth.

Avoidance of protectionist barriers are sometimes implemented to increase exports and decreasing deficit or for protecting the industries that are of high importance. Hence such barriers do not cause hindrance in growth.

4 0
3 years ago
The balance of stockholder's equity at the beginning of the year and the end of the year was 70,000 and 60,000, respectively. Th
ivann1987 [24]

Answer: 12,000

Explanation:

Given that,

Stockholder's equity at the beginning of the year = 70,000

Stockholder's equity at the end of the year = 60,000

Dividends = 22,000

Net Income = Ending Balance + Dividends - Beginning Balance

                    = 60,000 + 22,000 - 70,000

                    = 12,000

Therefore, the net income for the year was 12,000.

6 0
3 years ago
A machine can be purchased for $150,000 and used for five years, yielding the following net incomes. In projecting net incomes,
umka2103 [35]

Answer:

2.69 years

Explanation:

Payback period calculates the amount of the time it takes to recover the amount invested in a project from its cumulative cash flows.

To derive cash flows from net income, add depreciation to the net income.

Straight line depreciation = (Cost of asset - Salvage value) / useful life

$150,000 / 5 = $30,000

The depreciation expense each year would be $30,000.

Cash flow in year 1 = $30,000 + $10,000 = $40,000

Cash flow in year 2 = $30,000 + $25,000 = $55,000

Cash flow in year 3 = $30,000 + $50,000 = $80,000

Cash flow in year 4 = $30,000 + $37,500 = $67,500

Cash flow in year 5 = $30,000 + $100,000 = $130,000

In the first year, -150,000 + $40,000 = $-110,000 is recovered

In the second year, $-110,000 + $55,000 = $-55,000 is recovered

In the third year, $-55,000 + $80,000 = $25,000 is recovered.

The cash payback period is 2 years + $-55,000 / $80,000 = 2.69 years

I hope my answer helps you

6 0
3 years ago
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