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blondinia [14]
3 years ago
13

ABC opened for business on January 1, 2018, and paid for two insurance policies effective that date. The liability policy was $3

6,000 for 18 months, and the crop damage policy was $12,000 for a two-year term. What was the balance in ABC's Prepaid Insurance account as of December 31, 2018
Business
1 answer:
Katyanochek1 [597]3 years ago
8 0

Answer:

$18,000

Explanation:

Data provided in the question

Liability policy for 18 months = $36,000

And, the crop damage policy = $12,000 for two years

So by considering the above information, the balance in the ending prepaid insurance account is

= Liability policy ÷ number of years

= $36,000 ÷ 2 years

= $18,000

By dividing the liability policy with the number of years we can get the ending balance and the same is shown above

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Sweet Dreams Chocolatiers Ltd. began operations on January 1, 2020. During its first year, the following transactions occurred:
FromTheMoon [43]

Answer:

Explanation:

Journal entry is a record of transaction in their respective accounts using the debit and credit system. Debit entry represents an increase and credit a decrease.

S / NO             Particulars       Debit          Credit  

 1                      Cash                200,000

                       Share stock                               200,000

2                       Inventory             483,000

                   Account payable                             483,000

3.                 Account receivable   675,000

                              Sales                                       675,000

                      Cost of goods             405,000

                         Inventory                                       405,000

4                            Cash                        562,000

                     Account receivable                              562,000

5                    Account payable               431,000

                            Cash                                                  431,000

6                       Motor Vehicle                 39,000

                               Cash                                                  39,000

7                            Rent                        25200

                     Prepaid rent                       2100

                           Cash                                                         27300

8                    Operating Expenses      20,000

                              Cash                                                       18,000

                       Operating exp payable                                  2,000

9                            Depreciation                 2,000

                             Motor Vehicle                                              2,000

10                  Dividends payable                   8500

                               Cash                                                             8500

7 0
3 years ago
Bryan works as a salesman for jumbocorp. last year his sales target was $3 million and this year in an aggressive bid for growth
Leto [7]
<span>There are a couple of reasons why Bryan acted in an unethical manner. First, he may have low morals which could be traced to his upbringing or life challenges. He could also have acted this way due to the demands made upon him by his employer to increase sales so dramatically. The stress of keeping his job may have been greater than acting ethically.</span>
3 0
4 years ago
Wildhorse Co. incurred research and development costs in 2018 as follows:
vazorg [7]

Answer:

d. $2,950,000

Explanation:

The computation of amount of research and development costs charged is shown below:-

Amount of research and development costs = Direct materials + Personnel cost + Consulting fee paid to outsiders + Indirect costs + Depreciation

= $995,000 + $795,000 + $345,000 + $270,000 + $545,000

= $2,950,000

Therefore for computing the amount of research and development costs we simply applied the above formula.

8 0
3 years ago
What are four positive aspects of franchising for a business start-up? Why are they important ? .
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The primary advantages for most companies entering the realm of franchising are capital, speed of growth, motivated management, and risk reduction
3 0
3 years ago
The ratio of estrogen to progesterone remains constant throughout pregnancy into labor. false true
kati45 [8]

False, The ratio of estrogen to progesterone does not remains constant throughout pregnancy. Estrogen levels rise and progesterone levels fall in preparation for labor to begin.

<h3>What is Estrogen and progesterone ?</h3>

The two key hormones in a woman's body are progesterone and estrogen. These steroid hormones are in charge of giving the body its unique female traits.

The ovaries are a pair of ova-producing organs that support the health of the female reproductive system by creating egg cells.

The ovaries are an endocrine gland that secretes hormones, notably estrogen and progesterone, that are essential for normal reproductive development and fertility in addition to their function in ova production.

Therefore, it is False that, The ratio of estrogen to progesterone remains constant throughout pregnancy into labor.

Learn more about Estrogen here:

brainly.com/question/28202257

#SPJ4

5 0
2 years ago
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