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stich3 [128]
3 years ago
9

The prepaid insurance account had a beginning balance of $6,600 and was debited for $2,300 for premiums paid during the year. Jo

urnalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $4,100.
Business
1 answer:
____ [38]3 years ago
8 0

Explanation:

The adjusting entry is as follows

Insurance expense A/c Dr  $4,800

           To Prepaid insurance A/c  $4,800

(Being the insurance expense is recorded)

The computation is shown below:

= Beginning balance + debited amount - unexpired insurance amount

= $6,600 + $2,300 - $4,100

= $4,800

So while preparing the adjusting entry, we debited the insurance expense account and credited the prepaid insurance account

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Costs that are incurred as part of the manufacturing process but are not clearly associated with specific units of product or ba
tensa zangetsu [6.8K]

Answer:

These costs are called overhead cost.

Explanation:

Costs that are incurred as part of the manufacturing process but are not clearly associated with specific units of product or batches of production, including all manufacturing costs other than direct material and direct labor costs, are called overhead cost. These costs can not be associated with specific product so they are allocated to product cost based on estimation.

These cost include accounting fees, advertising, depreciation expense insurance, interest, legal fees, labor burden, rent, repairs, supplies, taxes, telephone bills, travel expenditures, and utilities

These costs are futher divided in two categories that is variable overhead cost and fixed overhead cost.

3 0
3 years ago
What is the similar about negative growth rate and zero growth rate?
kifflom [539]
The similarity of negative growth rate and zero growth rate is that there is no growth towards a positive output. For example, if the business is currently in either state, it is not earning. It may be very stagnant (for zero growth rate) or losing (for negative growth rate). Which either the case may be, it is not beneficial to the business owner. 
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3 years ago
Read 2 more answers
If Malaysian companies are highly efficient in the production of textiles and U.S. companies are highly efficient in the product
rosijanka [135]

If Malaysian companies were more efficient in textile production and the U.S. was more efficient in computer software, they should sign a <u>Free trade agreement. </u>

<h3>What would a free trade agreement do?</h3>

A free trade agreement allows for countries to be able to trade without any restrictions.

Implementing a free trade agreement here would allow funds to freely move to Malaysia for textile production, and to the U.S. for software companies.

In conclusion, this is a free trade agreement.

Find out more on free trade agreements at brainly.com/question/2201430.

3 0
2 years ago
For a perfectly competitive firm, which of the following is not true at profit maximization?a. Total revenue minus total cost is
topjm [15]

Answer: Option (d) is correct.

Explanation:

Correct option: Market price is greater than marginal cost.

In a perfectly competitive market, there are large number of buyers and sellers. So, price is determined by the market forces.

At a point of profit maximization, price is equal to the marginal cost and we have to maximize the difference of the total revenue and total cost. It was not seen in a perfectly competitive market that the price is above the marginal cost at a profit maximizing point.

Therefore, option (d) is not true.

5 0
3 years ago
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olasank [31]

Answer:

Through the newspaper ads.

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