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prisoha [69]
3 years ago
11

On April 1, 2009, a company paid the $1,350 premium on a three-year insurance policy with benefits beginning on that date. What

will be the insurance expense on the annual income statement for the year ended December 31, 2009?A. $1,350.B. $450.C. $1,012.50.D. $337.50.E. $37.50.
Business
1 answer:
madam [21]3 years ago
8 0

Answer:

D. $337.50.

Explanation:

The computation of the insurance expense for the year ended would be shown below:

= Premium amount - nine-month premium

where,

Premium amount is $1,350

And, the nine-month premium would be

= Premium amount × number of months ÷ (total number of months in a year)

= $1,350 × (9 months ÷ 12 months)

= $1,012.50

The nine-month is calculated from the April 1 to December 31

Now put these values to the above formula  

So, the value would equal to

= $1,350 - $1,012.50

= $337.50

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The following information is taken from Reagan Company's December 31 balance sheet:
zimovet [89]

Answer:

Firm’s sales uncollected for year is 42 days.

Explanation:

Account receivable turnover ratio = $621,000 / $70,422

Account receivable turnover ratio = 8.69

Thus, accounts receivable turnover ratio is 8.69

Average collection period = 365 / Account receivable turnover ratio

Average collection period = 365 days / 8.69

Average collection period = 42.00

Thus, firm’s sales uncollected for year is 42 days.

8 0
3 years ago
Dog Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day.
lara [203]

Answer:

Dog Kennel

The revenue variance for March would be closest to:

= $1,028 U

Explanation:

a) Data and Calculations:

Budgeted kennel tenant-days = 3,100

Actual kennel tenant-days = 3,120

                                    Fixed element   Variable element     Total

                                        per month        per tenant-day

Revenue                                      -                   $ 34.00        $105,400

Wages and salaries         $ 2,000                    $ 7.00          $23,700

Food and supplies               1,000                     13.50            42,850

Facility expenses                7,500                      2.50             15,250

Administrative expenses   6,000                       0.10               6,310

Total expenses             $ 16,500                  $ 23.10            $88,110

Actual results for March:

Revenue                          $ 104,372

Wages and salaries         $ 28,500

Food and supplies          $ 44,025

Facility expenses             $ 14,900

Administrative expenses $ 7,090

Total expenses                $94,515

Revenue variance for March would be closest to: $1,028 U ($105,400 - $104,372)

6 0
3 years ago
Foreign exchange ________ earn a profit by a bid-ask spread on currencies they purchase and sell. Foreign exchange ________, on
eimsori [14]

Answer:

Dealers, Brokers

Explanation:

8 0
3 years ago
What are factors of production?
Reika [66]
C: all the physical tools and equipment used in the production process. That would be the answer
4 0
3 years ago
Use the following to answer the questions.
-BARSIC- [3]

Answer:

B. just-in-time

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3 0
3 years ago
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