Answer:
a: debit to Insurance Expense for $47
Explanation:
Based on the information given If, on December 31, 2017, the insurance still unexpired amounted to $15, the adjusting entry would contain a:
DEBIT TO INSURANCE EXPENSES FOR $47 calculated as:
Insurance expense=Prepaid Insurance -Unexpired insurance
Insurance expense=$62 -$15
Insurance expense=$47
Therefore the adjusting entry would contain a:
DEBIT TO INSURANCE EXPENSES FOR $47
Answer:
Rational is based on the logical preference. Being irrational does not means that the choice is made based on monetary preference. It is more logical than monetary.
Explanation:
The two friends took same courses in college but after the completion of college degree one decides to go for MBA and other pursues PhD in English. The expected earnings of MBA are higher than PhD but one of friend who chooses the PhD has not considered the logical decision making based on money. He might have chose the PhD because he is more interested in becoming a professor rather than a business professional.
Answer:
Altoona’s Net Income for 2021 was: $296,000
Explanation:
The Net Income can be determined by reconciling the Net cash flow from operating activities to Operating Profit as follows :
Net cash flow from operating activities $300,000
Less Depreciation and amortization ($24,000)
Add Increase in accounts receivable $20,000
Operating Profit $296,000
Notes :
Reconcile the non-cash items previously added or deducted from Net cash flow from operating activities and any changes to Working Capital accounted for in determination of Net cash flow from operating activities .
Answer:
Buying in bulk stops being a wise spending choice when the consumer buys more than is needed
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