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
Tresset [83]
3 years ago
9

How much will be in the Prepaid Insurance account at the end of the year, after the adjusting entries have been prepared and pos

ted
Business
1 answer:
Crazy boy [7]3 years ago
8 0

Answer: $8,400

Explanation:

The $9,600 is for 2 years in advance. This can be apportioned per month at a rate of;

= 9,600/24

= $400 per month.

October to the end of the year is 3 months so;

= 400 * 3

= $1,200 will be recorded for the year.

Prepaid Insurance will therefore reduce to;

= 9,600 - 1,200

= $8,400

You might be interested in
Carmichael Company is considering purchasing a piece of equipment for $60,000. It expects the equipment will last 12 years (and
nalin [4]

Answer:

Initial outlay = $60,000

Annual net income before tax = $7,200 per annum

Depreciation = <u>Cost - Residual value</u>

                        Estimated useful life

                      = <u>$60,000 - 0</u>

                           12 years

                     = $5,000 per annum

Annual net cashflow before tax

= Annual net income before tax + Depreciation

= $7,200 + $5,000

= $12,200

Explanation:

In this case, the annual net income before tax has been given. The annual net income before tax has excluded depreciation, which does not involve movement of cash. Therefore, we need to add back depreciation in order to obtain the expected before tax cashflow.

4 0
4 years ago
Comparing Costs of Credit Using Three Calculation Methods. You have been pricing a compact disk player in several stores. Three
Solnce55 [7]

Answer:

Store A = 3.4521

Store B = 2.9589

Store C =  4.4384

Explanation:

Store A charges ADB method

purchase made on 5th first payment on 15th of 100

so from 5th to 15th Average daily balance =300 for 10 days

then from 15th to 4th for remaining 20 days average daily balance = 200

Average Daily Balance = (300*10+200*20)/30

Total finance charge = ADB*(APR*(Days/365))

=300*((0.18)*(10/365))+200*((0.18)*(20/365))

= 1.4795+1.9726=3.4521

Store B

Adjusted Balance Method uses adjusted balance to calculate the charges

Adjusted balance=Starting balance adjusted for credit and debit

Adjusted balance =300-100=200

Financial Charges = 200*(.18*(30/365))=2.9589

Store C

Previous Balance Method the interest is calculated on amount of balance carried from previous billing cycle

Balance Carried = 300

Charges =300*(.18*(30/365))= 4.4384

7 0
3 years ago
Read 2 more answers
A(n) _____ is used to give background information about an organization, product, or service, whereas a(n) _____ is used primari
jolli1 [7]

The correct answers are the following; corporate site and commerce site.

corporate site is defined as a website of the business or corporate by which it differs from portal sites and e-commerce sites.

commerce site is a website designed for having to promote goods and services.

8 0
3 years ago
Tony’s Market recorded the following events involving a recent purchase of inventory: Received goods for $80,000, terms 2/10, n/
kap26 [50]

Answer:

Correct option is D

Answer is increased by $ 77232

Explanation:

Effect on Inventory:    

Increase due to purchase $80000  

Decrease due to return   -$1600  

Increase for freight paid  $400  

Decrease for discouont availed -$1568 (78400*2%)

<u>Net Increase in Inventor =$77,232</u>

4 0
3 years ago
HELP PLEASE!
ad-work [718]

Answer: C.

Explanation: When you pay any bill, you don't borrow money, you give your own money to the company or whoever you are giving the money to.

8 0
2 years ago
Other questions:
  • Gourd Supermarkets has an extensive training program for all new employees and then has all employees spend a day in customer se
    14·2 answers
  • Under the georgia safety responsibility law, if you cannot satisfy a claim filed against you for damages resulting from a motor
    10·2 answers
  • Which situation is most likely an indicator that an economy has reached a peak?
    7·1 answer
  • Bedrock Company reported a December 31 ending inventory balance of $412,000. The following additional information is also availa
    9·2 answers
  • Lawn Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current
    7·1 answer
  • Suppose Alyssa comes into a large sum of money and decides to lend it out to earn interest on it. Because she lacks the expertis
    13·1 answer
  • On January 1, 2020, Cheyenne Company purchased 40% of Santos Corporation 465,000 outstanding shares of common stock at a total c
    11·1 answer
  • Which of the following is an investigator’s commitment to the sponsor?
    9·1 answer
  • Julia owes her dad $12. She wants a new blouse that just went on sale, so she borrows $20 from her sister. She pays her father $
    10·1 answer
  • If the fed buys more bonds from the public, and increases the price it is willing to pay for the bonds, what will happen to inte
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!