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erastovalidia [21]
3 years ago
8

On December 31, 2017, Coolwear, Inc. had a balance in its prepaid insurance account of $48,400. During 2018, $86,000 was paid fo

r insurance.
At the end of 2018, after adjusting entries were recorded, the balance in the prepaid insurance account was 42,000. Insurance expense for 2018 would be:

(A) $92,400.

(B) $6,400.

(C) $134,400.

(D) $86,000.
Business
1 answer:
Diano4ka-milaya [45]3 years ago
3 0

Answer:

Insurance expense will be $92400

So option (a) will be correct option

Explanation:

We have given balance in prepaid insurance = $48400

Insurance paid in 2018 = $86400

Ending prepaid insurance balance = $42000

We have to find the insurance expense for 2018

Insurance expense for 2018 is given by

Insurance expense = $48400+$86400-$42000 = $92400

So option (a) will be the correct answer

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Which office do you contact to pay your bill at the University of the Cumberlands?
KonstantinChe [14]

Answer:

Bursar Office or Admin Office

Explanation:

The Bursar is the person who is assigned the task to manage the financial affairs of the university. So it is better that you visit bursar office so that he can better guide you about the payment process because every university follow different procedures. It is also possible that the bursar's office might not be named as Bursar Office, it may be named as "Admin Office" or "Accounts Office".

8 0
3 years ago
On January 1, 2021, Blair Company sold $800,000 of 10% ten-year bonds. Interest is payable semiannually on June 30 and December
Anika [276]

Answer:

$42,480

Explanation:

Given that,

Value of bonds = $800,000

Interest rate = 10%

Selling price of bond (Book value) = $708,000

Priced to yield = 12%

The semi-annual yield is calculated as follows:

= 12% / 2 (because the interest is payable semiannually on June 30 and December 31)

= 6%

Therefore, the semi-annual bond interest expense:

= Selling price of bond × semi-annual yield

= $708,000 × 6%

= $42,480

Hence, the Blair should report bond interest expense for the six months ended June 30, 2021 in the amount of $42,480.

But the actual cash paid for the interest expense will be:

= (Value of bonds × Interest rate on bonds)

= [$800,000 × (10%/2)]

= $800,000 × 5%

= $40,000

So, the amortization for bond discount is the difference between actual cash paid and bond interest expense:

= $42,480 - $40,000

= $2,480

7 0
3 years ago
Briefly explain how the government uses taxation as a redistribution method
crimeas [40]

Answer:

The purpose of this is to increase economic stability.

8 0
3 years ago
Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fibergla
Aneli [31]

Answer:

b. 104

Explanation:

" Arona uses a weighted-average process cost "

Equivalent units as the materials are added entiely at the beginning of the process the equivalent untis will match the physical units:

84 complete and transferred + 20 ending inventory  = 104

under weighted average the ocompany's don't make the difference among started and started and complete like in FIFO

8 0
3 years ago
Over the last four years, a stock has had an arithmetic average return of 8.8 percent. Three of those four years produced return
m_a_m_a [10]

Answer:

Geometric Average return = 7.83%

Explanation:

First we need to find the missing value of data using Arithmetic mean formula

Arithmetic Mean = Sum of value / No of values

8.8% = Sum of Values / 4

Sum of Values = 8.8% x 4

Sum Values = 35.2%

Using Sum of Values we minus the remaining values in order to get the missing value of the data.

35.20% - 16.3% - 10.2%-(14.1%) = 22.80%

In order to get Geometric mean value we use geometric mean formula

G.M = 4 Sqrt(16.3% x 10.2% x -14.1% + 22.80%)

Geometric Mean = 7.83%

6 0
3 years ago
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