Answer:
The Journal entries are as follows:
(i) On March 1,
Prepaid insurance A/c Dr. $24,600
To cash A/c $24,600
(To record the purchase of insurance in advance)
(ii) On December 31,
Insurance expense A/c Dr. $20,500
To Prepaid insurance $20,500
(To record the insurance expense)
Workings:
Insurance expense:
= $2,050 × 10 months (From March 1 to December 31)
= $20,500
Answer:
$30,600
Explanation:
On an average, each employee will earn $153 per day. The amount of Liability for compensated absences in M Corporation will be
= 200 Days * $153 per day.
= $30,600
According to No. 16 Accounting for Compensated Absences, liability for compensated absence should be measured at balance sheet date for those employees who are currently eligible to receive termination payment.
Answer:
PV= $81,947.83
Explanation:
Giving the following information:
Future value= $95,000
Interest rate= 0.03
Number of periods= 5
To calculate the initial investment required to reach the objective, we need to use the following formula:
PV= FV/(1+i)^n
PV= 95,000/(1.03^5)
PV= $81,947.83
$560 I just took the test on primavera and this was right.
The total cost of those banking fees for the 7 years would be $1,344
<h3>What is bank fee?</h3>
Bank fee are fees paid to the financial institution one opened the account with, simply to keep it open and running and covers a certain number of transactions per month. Banks charge bank fees to pay salaries and other overheads, and physical branches.
With regards to the above,
Total cost
= Cost per month × 12 months per year × Number of years
= $16 × 12 × 7
= $1,344
Hence, the total cost of those banking fees for the 7 years would be $1,344
Learn more about banking fees here : brainly.com/question/24124875