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
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

You might be interested in
Novak Company took a physical inventory on December 31 and determined that goods costing $190,000 were on hand. Not included in
Lorico [155]

Answer: $237070

Explanation:

The amount that Novak should report as its December 31 inventory will be:

Inventory in hand = $190,000

Add: Goods bought from Pelzer Corporation = $25,170

Add: Cost of goods sold to Alvarez Company = $21900

Total = $237070

The amount that Novak should report as its December 31 inventory will be $237070

8 0
3 years ago
Why beer, wine and liquor may trigger different emotions?
Evgen [1.6K]
Because of there nerves in there brain man o-o
5 0
3 years ago
Which of the following is an example of price discrimination? a. An online bookstore charges more for overnight shipping than st
Vladimir [108]

Answer:

c) Hotel rates for AAA members are lower than for nonmembers.

Explanation:

In business, the term price discrimination refers to the strategy by which the seller charges a different price for the SAME product because the seller knows that the client will pay that price. The key word of this definition is that the seller is offering the <u>same</u> service/product but at different costs

If we take a look at our options we can see that a) offers a different service (one is overnight shipping and the other is standard), b) also offers a different product (first-class seats vs. coach), finally, c) offers the same product (the same hotel rooms) but non members pay more for the rooms than AAA members.

Thus, the correct answer is c) Hotel rates for AAA members are lower than for nonmembers.

8 0
3 years ago
In Opulencia, the marginal propensity to save is only 0.10. In an effort to promote the virtues of saving, the government starts
77julia77 [94]

Answer:

A greater saving will reduce the impact of the multiplier.

Explanation:

A multiplier generally refers to the factor that amplifies or increase the initial change of something else.

In economics, multiplier refers how change in spending or saving results into a larger change in local output and income.

Since addition of marginal propensity to consume (MPC) and marginal propensity to save (MPS) is equal to 1, the formula for calculating a multiplier can be stated as:

Multiplier = 1/(1 - MPC) or 1/MPS

From the question therefore, when MPS = 0.10, we have:

Multiplier = 1/0.10 = 10

When MPS is increases to 0.20, we have:

Multiplier = 1/0.20 = 5

Since 5 is less than 10, a greater saving will therefore reduce the impact of the multiplier.

4 0
2 years ago
A cyclically adjusted budget balance: a. is an estimate of what the budget balance would be if real GDP were equal to potential
Kazeer [188]

Answer:

a. is an estimate of what the budget balance would be if real GDP were equal to potential output.

Explanation:

A cyclically adjusted budget balance <u>is an estimate of what the budget balance would be if real GDP were equal to potential output.</u> A cyclical adjustment budget balance measures the stance of fiscal policy, as it removes the endogenous components of spending and revenues and its also estimate the budget balance if the economy is in the long run equilibrium.

8 0
2 years ago
Other questions:
  • 1. Discuss the three components of strategy as they relate to Theo Chocolate's new strategy. – distinctive competence, scope, an
    9·1 answer
  • O'Hara takes temporary family leave from her job at Property Management Company to care for a family member with a serious injur
    6·1 answer
  • Benjamin Graham, the father of value investing, once said, "In the short run, the market is a voting machine, but in the long ru
    13·1 answer
  • Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fibergla
    9·1 answer
  • The Fed can reduce the federal funds rate by a. decreasing the money supply. To decrease the money supply it could buy bonds. b.
    5·1 answer
  • Within a an organizational structure, the person most likely to be evaluated in terms of controllable costs would be:___________
    12·1 answer
  • What is the solutions of emotional differences?​
    8·1 answer
  • Meaning of creative thinking​
    11·2 answers
  • When a multinational corporation opens a new factory in another country, what economic responsibilities must it follow? Are ther
    15·1 answer
  • a country that has been relatively poor is starting to become wealthier this has brought many people into the capital city causi
    9·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!