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Veronika [31]
3 years ago
13

At December 31, 2013, before any year-end adjustments, Macarty Company's Prepaid Insurance account had a balance of $2,700. It w

as determined that $1,500 of the Prepaid Insurance had expired. The adjusting entry for Insurance Expense for the year would be ___________.
Business
1 answer:
gtnhenbr [62]3 years ago
4 0

The adjusting entry would recognise insurance expense of $1,500.

Explanation:

The policy of an insurance company, tax insurance, insurance for business failure, etc. typically lasts a year, with payments charged in full (insurance premiums). Insurance policy is never the same as the financial year of the product. There are also expected to be several consolidated financial statements and some partial financial statements for compensation premiums.

Example of insurance premium payment:

On 31 December, the insurer files an correction report in order to document the expired (extended) cost of insurance and to the the pre-paid number. This is done with an premium fee of $1,000 and a prepayment policy bonus of $1,000.

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Lisa has $1,000 in cash today. Which one of the following investment options is most apt to double her money? A. 6 percent inter
Zepler [3.9K]

Answer:

D. 8 percent interest for 9 years

Explanation:

We would use the formula future value formula below to determine which of the investment options would double her money:

FV=PV*(1+r)^n

PV is the amount invested which is $1000

r is the interest rate expected to be earned while n is the number of years First option:

FV=$1000*(1+6%)^3

FV=$1,191.02  

Second option:

FV=$1000*(1+12%)^5

FV=$1,762.34  

Third option:

FV=$1000*(1+7%)^9

FV=$ 1,838.46  

Fourth option:

FV=$1000*(1+8%)^9

FV=$2000

Last option:

FV=$1000*(1+6%)^10

FV=$ 1,790.85  

8 0
3 years ago
Jason and Paula are married. They file a joint return for 2020 on which they report taxable income before the QBI deduction of $
mote1985 [20]

Answer: $28940

Explanation:

Their QBI deduction for the year goes thus:

Jason's QBI amount will be:

= $173000 × 20%

= $173000 × 0.2

= $34600

Paula's QBI amount will be:

= $28,300× 20%

= ($5660)

Therefore, their combined qualified business income will be:

= $34600 - $5660

= $28940

The overall limitation which is based on th modified taxable income will be:

= $247000 × 20%

= $49400

Since $28940 is lesser than $49400, their QBI deduction for the year is $28940

7 0
3 years ago
Jacobs Company has inventory of 15 units at a cost of $12 each on June 1. On June 5, Jacobs purchased 10 units at $13 per unit.
vekshin1

Answer:

$210

Explanation:

Date    Description   Units  Price  Total Balance

1-Jun    Opening        15   $12   $180   $180  

5-Jun    Purchase      10      $13     $130          $310  

12-Jun   Purchase      20     $14     $280         $590  

17-Jun   *Sale             -30               -$380        $210  

*Working

Sale

Date          Units   Price     Total

17-Jun       -15 $12   $(180)  

                -10   $13   $(130)  

                -5   $14   $(70)  

Total Sale -30           -$380  

So, the correct answer is $210.

3 0
3 years ago
When analyzing AE, it is important to know the factors that determine C, Ip, G and NX because those factors A. influence the lev
postnew [5]

Answer:

D. All of the above.

Explanation:

In the Aggregate Expenditure model or approach to GDP, GDP is calculated using the following formula:

GDP = C + I + G + NX (X-M)

Where:

  • C = consumption
  • I = Investment
  • G = Government spending
  • NX = Net exports

As can be seen, each of the elements of the equation are necessary to understand (calculate) GDP by the AE approach. Each element is also important to show how macroeconomic equilibrium is reached. Thus, the correct answer is D.

8 0
3 years ago
Being resourceful and creative are two highly desirable skills at a workplace. Discuss an idea of yours or an innovation that yo
liq [111]

Answer (1)

In today's world, if any organisation want to remain on the top and competitive, it has to be creative and innovative as well. Creativity is the thinking of an novel idea whereas its implication in the form of actual product or service is known as innovation.

I have an creative idea. In marketing, customer needs to served profitably with meeting their needs. For this purpose they need to be managed effectively. Customer relationship Management is the domain in which each and every single customer's data is saved. Customers are asked for the membership to save their data. Then next time with the help of their name, entire record of theirs can be retrieved. My idea is, instead of asking their name each and every single time, their voice frequency should be saved in the mobile device, which next time when they say "HELLO" can recognize them and present their all data to the concerned salesperson.

Answer (2)

* I have many novel ideas related to hotel industry. As far my interests are concerned, Hotels can have a library in it, which can send customers the books of their interests in their rooms.

* Hotels can start cooking the food inside the customers room in front of them so they can see the live cooking, enjoying the whole process, checking the quality of ingredients.

* Hotels should have that kind of cinema where you can select the movie by yourself.

* Hotel's Kitchen should have open excess to everyone staying in that hotel so they can have interaction with the chefs to check the cooking processes of that hotel.

7 0
3 years ago
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