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katrin [286]
3 years ago
5

What is the proper adjusting entry at December 31, the end of the accounting period, if the balance in the prepaid insurance acc

ount is $8,350 before adjustment, and the unexpired amount per analysis of policies is $3,550?
Business
1 answer:
Darina [25.2K]3 years ago
6 0

Answer:

Insurance $4,800 (debit)

prepaid insurance $4,800 (credit)

Explanation:

In order to find out adjusting entries. firstly, we need to calculate the difference between prepaid insurance account and Insurance account.

That could be done by subtracting $3,550 from $8,350.

Difference = 8350-3550= 4800

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Answer:

Glossary

Explanation:

Business functions are the activities carried out by an enterprise; they can be divided into core functions and support functions

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3 years ago
Which research method involves manipulating a variable in order to determine how it affects another variable (in a cause and eff
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<span>The research method that involves manipulating a variable in order to determine how it affects another variable (in a cause and effect relationships) is the experimental method. In this method, the experimenter would undergo several processes and along the way, he would manipulate the variables in order to see how it affects the other variable thus uncovering the cause and effect relationships of these variables.</span>
5 0
3 years ago
William (71), a retired single taxpayer, received a monthly pension of $2,500 ($30,000 annually). He did not contribute any afte
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Based on the information given, it should be noted that the amount of William's pension distribution that is taxable is $30000.

From the information given, William is a retired single taxpayer and he received a monthly pension of $2,500 ($30,000 annually). He did not contribute any after-tax dollars to the plan.

It should be noted that pension is counted as a regular income for tax purposes. Therefore, the pension that'll be received by William will be a taxable income

Therefore, the taxable amount will be $30000.

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4 0
2 years ago
The standard unmodified audit report A. is sometimes called a clean opinion. B. can be issued only with an explanatory paragraph
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Answer:

A. is sometimes called a clean opinion.

Explanation:

The standard unmodified audit report is the report where the auditors said the financial statement of the company are prepared by keeping all material aspects and it is complied with the accounting standards

It is also known as a clean opinion

Therefore as per the given situation, the option A is correct

hence, the same is to be considered

4 0
3 years ago
Because people prepare budgets, budget figures are often biased. Which of the following is true? a. When senior management sets
eduard

Answer: B

Explanation:

Budgetary slack is a cushion created in a budget by management to increase the chances of actual performance beating the budget. Budgetary slack can take one of two forms: an underestimate of the amount of income or revenue that will come in over a given amount of time, or an overestimate of the expenses that are to be paid out over the same time period. Budgetary slack is generally frowned upon because the perception is that managers care more about making their numbers to keep their seats and gaming the executive compensation system rather than pushing company performance to its potential. Managers putting a budget together could low-ball revenue projections, pump up estimated expense items, or both to produce numbers that will not be hard to beat for the year. It also provides flexibility for operating under unknown circumstances, such as an extra margin for discretionary expenses in case budget assumptions on inflation are incorrect, or adverse circumstances arise.

4 0
3 years ago
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