1 of 10

Harrod Company paid $4,800 for a 4-month insurance premium in advance on November 1, with coverage beginning on that date. The b

Cerrena [4.2K]

Answer:

Debit Insurance Expense, $2,400; credit Prepaid Insurance, $2,400.

Explanation:

The journal entry is given below

Insurance expense A/c Dr $2,400

To Prepaid Insurance $2,400

(Being insurance expense is recorded)

The computation is shown below:

= Insurance premium ÷ number of months × required months

= $4,800 ÷ 4 months × 2 months

= $2,400 months

The 2 months is taken from November 1 to December 31

6 0

3 years ago

At a sales volume of 30,000 units, Carne Company's total fixed costs are $30,000 and total variable costs are $45,000. The relev

Anna [14]

Answer:

$2.25

Explanation:

sale volume of company = 30,000 unit

total fixed cost are = $30,000

total variable cost $45,000 for 30,000 unit

1 unit = 45000/30000 = $ 1 . 5

for the sale of 40,000 unit

the total expected cost

= Fixed cost + Variable cost

= $30,000 + 40,000×$1.50

= $30,000+$60,000

= $90,000

Cost per unit:

= $90,000/40,000

= $2.25

8 0

3 years ago

The liaison role of a manager encompasses relationships with subordinates, including communication and influence, whereas the le

Paul [167]

Answer: False

Explanation: Managers act as liaisons when making contacts with people outside of their area of responsibility, both inside their organization and outside in the world at large. Being a liaison involves networking, but it is far more than just amassing the most friends on your profile. It is about linking people with resources. What do resources mean in the context of the liaison role? Resources could be other people, money, information, space, influence, or goods and equipment.The challenging role of the manager is accountable to senior executives for performance and to front-line employees for guidance, motivation, and support. It is common for managers to feel as if they are pulled between the demands of top leaders and the needs of the individuals performing the work of the firm.Managers then schedule activities that will lead to achieving those goals. Leaders tend to be more strategic: they must become problem solvers able to see the big picture while also identifying specific things that affect overall success.

3 0

3 years ago

Suppose that a perfectly competitive industry is in long-run equilibrium. Every firm is producing at minimum average total cost,

elixir [45]

Answer:

B. firms will exit the industry

Explanation:

When the firms is producing at the minimum average total cost, the amount of profit margin that they get tend to be high. This means that they can fulfill their target profit even by producing less amount of product.

Even when the demand in the market is decreased, Such firms will most likely accumulated enough profit to survive for a long period of time before they go bankrupt. This is why the firms is very unlikely to exist the industry in a short run.

7 0

3 years ago

Tim wrote a negotiable note. Subsequently, Tim's debts were discharged in bankruptcy. If a holder in due course presents the not

fomenos

Answer:

TRUE

Explanation:

Bankruptcy is a legal framework, in which borrowers who cannot pay their loans, may seek relief from all of their liabilities from individuals or other organizations. In most states, a judge's order mandates bankruptcy.

In this situation, Tim is a bankrupt person, tin wrote a negotiable note but now Tim has got relief from his liabilities, so he has not to pay against his negotiable note.

Therefore, the following situation is TRUE .

5 0

3 years ago