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solong [7]
3 years ago
11

Diane's Designs purchased a one-year liability insurance policy on March 1 of a year for $8,400 and recorded it as a prepaid exp

ense. Which of the following amounts would be recorded as insurance expense during the adjusting process at the end of Diane's first month of operations on March 31?a. $320. b. $3,520.c. $3,840.d. $384.
Business
1 answer:
Liula [17]3 years ago
5 0

Answer:

$700 (not given in the options)

Explanation:

When the policy is purchased with a payment made in advance, the entries recorded are

Debit prepaid insurance  $8,400

Credit Cash account         $8,400

After the first month, the expense incurred is

= 1/12 × $8,400

= $700

Entries then required

Debit Insurance expense   $700

Credit Prepaid Insurance    $700

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Cusic Music Company is considering the sale of a new sound board used in recording studios. The new board would sell for $24,200
inn [45]

Answer:

$31,312,440  

Explanation:

Working for Net Income Calculation is attached in MS Excel File Format with this answer, Please Fins it.

Net Income =  $29,977,440

As we know that the depreciation is a non cash expense, so it will be added back to the net income to calculate the Operating cash flow.

Operating Cash Flow = Net Income + Depreciation

Operating Cash Flow = $29,977,440  + 1,335,000

Operating Cash Flow = $31,312,440  

Download xlsx
3 0
3 years ago
When demand is inelastic and price is decreased:
REY [17]

Answer:

The correct answer is letter "C": the effect of the decrease in price on total revenue dominates the effect of the increase in quantity demanded on total revenue; overall total revenue declines.

Explanation:

Goods or services have inelastic demand when changes in prices do not affect their quantity demanded. If prices decrease or increase, the quantity demanded will remain at the same level or the change will be so minimal that it is not perceived. It is said then that <em>the decrease in price dominates the effect of the changes in quantity demanded. </em>

However, <em>if prices decrease and the quantity demanded remains the same, the company's overall revenue will decrease.</em>

6 0
3 years ago
What has been the pattern of union membership in recent years?
natima [27]

D. growth of neither public nor private sector unions

Explanation:

In recent years both Public and private unions have lost popularity among the workers as they have been slowly losing their importance in the modern capitalistic societies.

<u>Union memberships were important for the security of the rights of the workers</u> and these unions were often quite influential too. This has not remained the case unfortunately.  

<u>With sanctions in place, unions do not have an effective job to do and their popularity has dwindled. </u>

7 0
3 years ago
Read 2 more answers
When conducting a SWOT analysis, information about turnover, profit margins, and staff quality can be used to identify:
Alex17521 [72]

When conducting a SWOT analysis, information about turnover, profit margins, and staff quality can be used to identify company strengths and weaknesses. By conducting a SWOT analysis, a company is able to find out valuable information about how their company is conducting business, future plans, and how they compare to others within the same market. Identifying your strengths and weaknesses is important in achieving success. When you know your strengths, it allows you to set your company apart from others and when you know your weaknesses, you can work on improving them.

4 0
3 years ago
Question 10 of 36
lana66690 [7]

Answer:

A

Explanation:

To answer the question, we look at an extreme scenario of 0% interest rate and see the minimum repayment Jade will make on the loan taken

Therefore,

Interest Rate = 0%

This means that the loan to be paid will be calculated as follows

Monthly payments x 12 Months x 14 Years

= $195 x 12 months x 14 years = $32, 760

The meaning of this outcome is that the lower the interest rate to be paid, the higher the size of the loan, because at 2.9% the loan= $26,898.98 and at 0% rate the loan= $32, 760.

The conclusion therefore is a 2.7% interest rate which is lower than 2.9% but not as low as the extreme 0% will cause the loan amount to be higher than $26,898.98. This affirms option A.

Options B and C are wrong because 2.5% and 2.3% are lower than 2.9%, therefore, the loan amount will be higher. Option D is also wrong because a 3.1% interest rate is higher than 2.9%, therefore, the amount should be lower not higher than $26,898.98

7 0
2 years ago
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