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Natali [406]
3 years ago
14

On July 1, 2019, Sheffield Corp. pays $20,700 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fisca

l years ending December 31. For Sheffield Corp., journalize and post the entry on July 1 and the annual adjusting entry on December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Business
1 answer:
11111nata11111 [884]3 years ago
3 0

Explanation:

The journal entries are as follows:

On July 1

Prepaid Insurance A/c Dr $20,700

           To Cash A/c $20,700

(Being prepaid insurance is paid)

On December 31

Insurance expense A/c Dr $

          To Prepaid insurance A/c $1,110

(Being the insurance expense is recorded)

The insurance expense is shown below:

= $20,700 ÷ 3 years × 6 months ÷ 12 months

= $3,450

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Answer: C.  A new compound formed when nitrogen and hydrogen chemically reacted.

Explanation:

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This new compound is known as Ammonia with the chemical composition NH₃. It is formed when Hydrogen and Nitrogen react chemically. Ammonia is a colorless gas with a sharp strong odor.

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2 years ago
Campbell, a single taxpayer, earns $400,000 in taxable income and $2,000 in interest from an investment in State of New York bon
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Answer: Campbell will owe $115,858.25 in federal income tax this year computed as follows:

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Campbell's effective tax rate is 28.82 percent.

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Campbell is currently in the 33 percent tax rate bracket. Her marginal tax rate on deductions up to $213,650 will be 33 percent. However, her marginal tax rate on the next $5,100 of income will be 33%, and income earned over $405,100 will be 35 percent. Income earned in excess of $406,750 will be taxed at 39.6%.

3 0
3 years ago
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Answer:

Letter d is correct. A waiver of breach

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Number 4 is a number 5 is d
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Answer:

Please see attachment

Explanation:

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