Answer:
it protects you from major expenses.
Explanation:
An insurance is a financial product that helps you in case an event occur and this was not predicted for you thus you could not prepare for it.
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Answer:
1. Journal - Closing Entries
Date Account Titles Debit Credit
Sales Revenue $970,000
Income summary $970,000
(Closing of revenue account)
2. Closing the expenses accounts as necessary
Journal - Closing Entries
Date Account Titles Debit Credit
Income summary $888,000
Cost of goods sold $670,000
Salary expenses $150,000
Rent expenses $47,000
Interest expenses $21,000
(Closing of expenses account)
3. Closing net Income
Journal - Closing Entries
Date Account Titles Debit Credit
Income summary $82,000
Retained earning $34,000
Dividends $48,000
(Closing of net income)
The effective interest rate is greater by 0.72 percentage points as compared to the nominal interest rates.
Computation:
Given,
Nominal Interest rate =11.85%
compounding period = weekly, that is 52.
The formula of the effective interest rate will be used:
Now, the difference of the effective interest rate and nominal interest rate will be determined to know the exceeding percentage:
Therefore, option a. 0.72 percentage points is correct.
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What John’s company should prepare to demonstrate is the
best practices that they are engaging in managing how it impacts the
environment as this is a way of complying or keep up with the top management request
and when they undergo with the review.