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3 years ago

What is the first step in applying for financial aid?

1 answer:

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Fill out the FAFSA. You must complete the FAFSA (Free Application for Federal Student Aid) to qualify for: Federal and most state grants, scholarships, low-cost student loans, and work-study programs. The Pennsylvania State Grant Program and other state programs.

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For each separate case below, follow the 3-step process for adjusting the prepaid asset account at December 31. Step 1: Determin

svetoff [14.1K]

PART A

Answer:

Insurance expense debit for 3,800

Insurance prepaid credit for 3,800

Explanation:

a.- Prepaid Insurance. The Prepaid Insurance account has a $4,700 debit balance to start the year. A re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end.

Step 1: Currently equals to $4,700

Step 2: It should equal $900

In this Case: It is giving us the begining balance, and then it proceeds to tell us the ammount unexpired, which means the ending balance. So the diference will be the adjuting entry

Step 3: $4700 - $900 = $3,800

insurance expense debit for 3,800

insurance prepaid credit for 3,800

PART B

Answer:

insurance expense 1040 debit

prepaid insurance 1040credit

Explanation:

b.- Prepaid Insurance. The Prepaid Insurance account has a $5,890 debit balance at the start of the year. A review of insurance policies and payments shows $1,040 of insurance has expired by year-end.

Step 1: Curently equals to $5,890

Step 2: 5,890 - 1,040 expired portion = 4,850 unexpired portion

The blaance should be 4,850

In this Case: It is giving us the begining balance, and then it proceeds to tell us the ammount expired, which means the adjusting entry. So the diference will be the ending balance

Step 3

The adjusting entry must be made for 1,040 which is the expired portion

insurance expense 1040 debit

prepaid insurance 1040credit

PART C

Answer:

rent expense 4,000 debit

prepaid rent 4,000 credit

Explanation:

C.- PrepaidRent. On September 1 of the current year, the company prepaid $24,000 for 2 years of rent for facilities being occupied that day. The company debited Prepaid Rent and credited Cash for $24,000.

Step 1 Current balance is 24,000

In this Case: It is giving us the begining balance, and then it proceeds to tell us information about the contract, which means we are going to work to get the expired portion and with that calculate the ending balance like on part B

Step 2 We are at December 31th the expired portion will be 4 months (September, October, November and December) so:

24,000

----------------------------- x 4 months expired = 4,000 expired portion

24 month of contract

24,000 - 4,000 = 20,000

begining - expired = ending AKA "unexpired"

The balance should be equal to 20,000

Step 3: the adjusting entry should be done for 4,000 which is the expired portion of the rent.

rent expense 4,000 debit

prepaid rent 4,000 credit

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3 years ago

Gilda has an idea that would streamline operations, reduce costs, and increase profits. Her idea requires the cooperation of s

Jet001 [13]

Answer:

Evidence based.

Explanation:

Evidence: It is something that furnishes proof or testimony or something legally submitted to ascertain in the truth of matter.

Evidence basedis the conscientious (effort), explicit (clarity) and judicious (critical of quality) use of the best available evidence from multiple sources to increase the likelihood of a favourable outcome.

Characteristics:

- It’s about the process

- It’s not about certainties (this will work)

- It’s is about probabilities and likelihoods

- It is about reducing uncertainty (given our context this is more likely to lead to the outcome we want than doing something else or doing nothing)

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3 years ago

Suppose a small economy produces only two goods: books and shirts. The opportunity cost of 1 book is constant at 3 shirts. For e

Anastaziya [24]

Answer:

Books Shirts

4 0

3 3

2 6

1 9

0 12

Explanation: At combination E, the economy is producing 0 books and 12 shirts. Since the opportunity cost of 1 book is 3 shirts, moving from point E to point D (gaining 1 book) requires this economy to produce 3 fewer shirts. Thus, the number of shirts in combination D must be 12 shirts−3 shirts=9 shirts. The rest of the combinations can be calculated in a similar fashion, with the answers summarized in the following table.

A 4 3−3=0

B 3 6−3=3

C 2 9−3=6

D 1 12−3=9

E 0 12

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2 years ago

The Federal Trade Commission (FTC) is a government agency that issues rules, orders, and decisions. The Georgia state legislatur

fomenos

Answer:

Explanation:

Administrative law is the body of law that controls all of the activities as well as the administrative agencies of a specific government. Administrative law includes the rules, orders, and decisions of the Federal Trade Commission. This branch of public law can also enforce certain regulatory agenda that has already been made.

4 0

3 years ago

Giannini Inc., which produces and sells a single product, has provided the following contribution format income statement for Ma

OlgaM077 [116]

Answer:

1233r%hhdkgdfghhgggffffguy65544÷

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3 years ago