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Gwar [14]
3 years ago
5

On April 1, a company paid the $1,350 premium on a three-year insurance policy with benefits beginning on that date. What amount

of the insurance expense will be reported on the annual income statement for the first year ended December 31?
Business
1 answer:
inn [45]3 years ago
8 0

Answer:

$337.50

Explanation:

the premium on a three year policy = $1,350

premium per year = $1,350 / 3 = $450

premium per month = $450 / 12 = $37.50

Since the premium covered April to December, 9 months of insurance expense are accrued.

insurance expense for 9 months = $37.50 x 9 = $337.50

The journal entries should be:

April 1, purchase a 3 year insurance policy:

Dr Prepaid insurance 1,350

    Cr Cash 1,350

December 31, accrued insurance expense:

Dr Insurance expense 337.50

    Cr Prepaid insurance 337.50

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The contentions that (1) many of the same standards of what's ethical and what's unethical resonate with peoples of most societi
Sphinxa [80]

Answer: (B) The school of ethical universalism

Explanation:

  The ethical universalism is on of the type of ethical based concept in which their is one of the common moral agreement about the right and the wrong action on the basis of the given behavior across the various types of countries.  

 The importance of the ethical universalism is to provide the justice of equal right among all the people in the society and each person are treated in equal manner.

 According to the given question, the school of ethical universalism is one of the common ethical standards which is used to judge the different types of cultural circumstances and the variety of markets. Therefore, The given cultural circumstances is basically defining the beliefs of the ethical universalism.  

Therefore, Option (B) is correct answer.

3 0
4 years ago
Timothy Gates and Prada Singh decide to form a new company, TGPS LLC (a multimember LLC that will report its operations as a par
sasho [114]

<u>Solution and Explanantion:</u>

Prada has an excess business loss of $ 40000 . She may use $ 250000 of her share of $580000 LLC business loss to offset non business income.

As per new limit for IRS excess business loss will be for a single in excess of  $250000. Any excess above this amount will be disallowed and treated as excess business loss which will be carried forward to next years .

Now here as Prada is single she has $290000 share in total loss of $580000 as per new IRS limits she is allowed up to $250000 to set off against current years non business income and $40000 she can carry forward future years this excess business loss of $40000 is treated as part of the taxpayer's NOL carry forward .

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8 0
3 years ago
When making decisions, evaluating your possible resources will help _____. a. Impose limits to possible choices b. Add weight to
Slav-nsk [51]
A impose limits to possible choices


I'm pretty sure.
4 0
3 years ago
Read 2 more answers
. A rise in the price of corn will cause a (Click to select) in the Supply Curve for corn. b. A decrease in the price of seed (a
Nadusha1986 [10]

Answer:

move along upwards

shift out

shift in

Explanation:

A change in price of a good leads to a movement along the supply curve and not a shift of the supply curve.

Other factors other than a change in the price of the good would lead to a shift of the supply curve. Such factors include :

  1. A change in the price of input
  2. A change in the number of suppliers
  3. Government regulations

When the price of corn increases, the quantity supplied of corn increases. this is in line with the law of supply.

according to the law of supply, the higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied.

This would lead to a movement up along the supply curve

If the price of seed which is an input to corn decreases, it becomes cheaper to produce corn. As a result, the supply of corn would increase. this would lead to an outward shift of the supply curve.

If the number of grocery stores decreases, there would be a reduction in supply. As a result, the supply curve would shift inwards

8 0
3 years ago
Jacksonville Technical College received $3,445,553 in state aid on September 15 for the fall academic semester. The vice-preside
Vadim26 [7]

this is 173913.0 del 15%

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3 years ago
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