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wlad13 [49]
3 years ago
11

Eve's Apples opened for business on January 1, 2021, and paid for two insurance policies effective that date. The liability poli

cy was $36,000 for 18 months, and the crop damage policy was $12,000 for a two-year term. What was the balance in Eve's Prepaid Insurance account as of December 31, 2021?
Business
1 answer:
Cerrena [4.2K]3 years ago
6 0

Answer:

The balance in Eve's prepaid insurance account as of December 2021 is $18000 as shown below.

Explanation:

The balance of prepaid insurance would be the balance left after 12 months expense has taken from both amounts

Liability policy $36000*6/18=$12000

Crop damage policy $12000*12/24=$6000

Balance of prepaid insurance           $18,000

The balance of $18000 would be left in the prepaid insurance account,whereas the balance damage crop policy account would be enough for the coming year, there is a need for 6 months insurance policy payment in respect of liability policy in the year 2022

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When determining whom might be affected by a business decision it is important to go beyond the obvious in identifying _________
GrogVix [38]

Answer: stakeholders

Explanation:

Stakeholders simply refers to an economic entity which could be an individual or an organization that is interested in a particular project or organization and can be impacted by the activities of such organization.

It should be noted that the main stakeholders in an organization are the investors, customers, the employees, and the suppliers. Therefore, the answer to the question is stakeholders.

6 0
3 years ago
The main economic basis of the empire of Mali was derived from the agricultural production of the rural areas. However, the main
just olya [345]

Answer:

Although traditional agricultural practices were and are still probably the most important economic activity of Mali, they are not able to produce on a large scale to be able to export.

On the other hand, gold is something that most foreign companies and governments want, so the rulers of Mali engaged in gold trade. Since writing was not common in local communities in Mali, a lot of the records and history of Mali was done by foreigners and their main interest was gold.  

3 0
3 years ago
Stevenson Company purchased equipment for $250,000 on January 1, 2010. The estimated salvage value is $50,000, and the estimated
KengaRu [80]

Answer: The following journal entries would be recorded upon disposal of the equipment:

                                                                              Debit                       Credit

Cash                                                                   $100,000

Accumulated depreciation                               $140,000

Equipment                                                                                        $250,000

Loss on disposal of asset                                   $10,000

Explanation: Using the straight-line method of depreciation, the following formula applies: (Historical cost - Salvage value) / No of years

<u>Depreciation = ($250,000 - $50,000) / 5 years = $40,000 yearly </u>

Accumulated depreciation (January 1, 2010 - July 1, 2013) for three and half years is $140,000 (3.5 years * $40,000). This means that the equipment had a net book value (NBV) of $110,000 as at the time of disposal. So, the above entries would eliminate the asset in the books and recognise the loss on disposal (sales proceed was less than the NBV).

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3 years ago
Which of the following involves trading partial ownership interests for capital?
Naddik [55]

Answer:

Equity Financing!!

3 0
3 years ago
A boat-cleaning company needs to increase its number of clients. It walks through segmentation and targeting exercises and disco
sertanlavr [38]

Marketing of a boat cleaning company needs to account for targeting a segment of population that owns boats.

Explanation:

Here, in simple terms, the marketing strategy is missing the people it was supposed to target for their marketing.

The company working in the niche has to target boat owners specifically, which the marketing fails to do.

<u>Segmentation is an activity in which a wide net of marketing population is marketed to and then the clients are filtered out.</u> This is not a very effective method but it was essentially trying to <u>find which people look out for the service the company provides.</u>

5 0
3 years ago
Read 2 more answers
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