Answer:
$39,960
Explanation:
Considering all the transactions recorded;
When insurance is paid in advance, the entries required are
Debit Prepaid Insurance
Credit Cash account
As time elapses and the insurance expires,
Debit Insurance expense
As such amount that should have been posted to insurance expense
= $5400/3
= $1800
Adjustment required
= $5400 - $1800
= $3600
When a fee is received in advance for a service yet to be rendered, the revenue for such fee is said to be unearned. The entries required are
Debit Cash account and Credit Unearned fees or deferred revenue.
As the service is performed and the revenue is earned, debit Unearned fees and credit revenue.
Hence the revenue will be deducted ($775).
When the inventory closing balance is understated, the cost of goods sold is overstated and as such the net income which is posted to the retained earnings will be understated
. $795
Interest expense to be recognized
= 12% * 3/12 * $22,000
= $660
the proper amount of net income for 2021
= $37,000 - $660 - $775 + $3600 + $795
= $39,960
<h2>teenagers is much higher than of adults</h2>
Explanation:
Women greatly exceeds that of men: In common, it is not mandatory that women should be working. It is an additional to work as a woman. So this cannot be taken into account.
Whites is roughly equal to that of African Americans: This choice cannot be considered for unemployment rate.
Managerial and professional workers exceeds that of construction and extraction workers: This sentence speaks about the role of a person. The roles are designated based on the need and the skill of the person. There is no connection between unemployment rate.
Teenagers is much higher than that of adults: During the teenage, an youngster will try to complete his degree and start searching for job. So the number of youngster who comes out of college will be huge when compared to the unemployed individual who will be few in number.
$8000 because you divide 5000 by 100 multiply it by 7.5 then by 2 and that gets you the interest after 1 year. Then you multiply it by 4 for 4 years and then add 5000 and you get $8000
profit is the sum of all the values that customers give up to gain the benefits of having or using a product or service. Hence, option B is correct.
<h3>What is profit?</h3>
The term "profit" refers to the monetary gain realized when the income from a commercial operation outweighs the expenses, charges, and taxes related to operating that enterprise.
Your profit is the amount of money left over after paying your business's expenses. The three main categories of profit are gross profit, operating profit, and net profit. The gross profit is the highest. The balance remaining after paying for the goods and services purchased is shown.
Thus, option B is correct.
For more information about profit, click here:
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<span>The question: "When
an insurance company needs to provide a payout, the money is removed from?”
follows the answer:
In order for the insurance company to provide the payout,
the money is removed from the consumer’s income. The money may also be removed
from the pool of funds of the insurance company.</span>