Explanation:
The adjusting entry is as follows
Insurance expense A/c Dr $4,800
To Prepaid insurance A/c $4,800
(Being the insurance expense is recorded)
The computation is shown below:
= Beginning balance + debited amount - unexpired insurance amount
= $6,600 + $2,300 - $4,100
= $4,800
So while preparing the adjusting entry, we debited the insurance expense account and credited the prepaid insurance account
Answer:
B)Consult with key competitors about the optimal set of prices to charge, i.e., the prices that will maximize profits for our firm and its competitors.
Explanation:
The financial planning process can be regarded as series of steps which states best way of using money and investments as well as other assets so that financial goals can be potentially achieved. Most of the financial plans has its focus savings of goals as well as payoff goals even estate planning goals so that roadmap to financial freedom can be set.
The steps that can be taken in the financial planning process are;
✓ Forecast the funds that will be generated internally. If internal funds are insufficient to cover the required new investment, then identify sources from which the required external capital can be raised.
✓Develop a set of forecasted financial statements under alternative versions of the operating plan in order to analyze the effects of different operating procedures on projected profits and financial ratios
✓Determine the amount of capital that will be needed to support the plan. e. Monitor operations
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