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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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If you borrow $1500 with a compounding interest rate of 8% for 2 years, that compounds semi-annually. How much will you pay back
mestny [16]

Answer:

1740

Explanation:

1500(1+\frac{8}{100})^2

1500*(\frac{27}{25})^2

= 1749.6

4 0
2 years ago
True or false: The SEC has delegated the primary responsibility for setting accounting standards to the AICPA.
denis23 [38]

Does the SEC have the power to set accounting standards. The SEC has delegated the primary responsibility for setting accounting standards to the AICPA is a False statement.

<h3>What is the SEC position in the financial reporting process?</h3>
  • The  SEC position is known to be a Commission that has been empowered with the authority under the securities laws of the United States.

They are empowered  to set accounting standards to be followed by all public firms and they are known to also have the power to make sure that those standards are followed.

Conclusively, The SEC delegated accounting standard setting is said to be to FASB.

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6 0
2 years ago
What factor is NOT included in determining the total cost of a loan?
atroni [7]
Out of those four it would have to be D) down payment
8 0
3 years ago
Jonas had a reputation for underestimating the abilities of his employees;__________workers were often let go after it had been
almond37 [142]

Diligent workers were often fired after they were found to lack the skills necessary to fulfill job responsibilities.

<h3 /><h3>What is the relevance of performance appraisal?</h3>

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4 0
2 years ago
Read 2 more answers
The following data relates to units shipped and total shipping expense for the Adams Company. Month Units shipped Total Shipping
Ann [662]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Month - Units shipped - Total Shipping Expense

January: 3 - $1,300

February: 6 - $1,600

March: 4 - $1,400

April: 5 - $1,500

May: 7 - $1,700

June: 8 - $1,800

July: 2 - $1,200

First, we need to calculate the unitary variable cost using the following formula:

Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)

Variable cost per unit= (1,800 - 1,200) / (8 - 2)

Variable cost per unit=  100

Now, we can calculate the fixed costs:

Fixed costs= Highest activity cost - (Variable cost per unit * HAU)

Fixed costs= 1,800 - (100*8)

Fixed costs= 1,000

Fixed costs= LAC - (Variable cost per unit* LAU)

Fixed costs= 1,200 - (100*2)

Fixed costs= $1,000

Finally, the total cost formula:

Total cost= 1,000 + 100X

X= units shipped

4 0
3 years ago
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