Payment protection insurance (PPI) is an insurance product that enables consumers to ensure repayment of credit if the borrower dies, becomes ill or disabled, loses a job, or faces other circumstances that may prevent them from earning income to service the debt.
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Answer:
a) A gain is subtracted from net income.
d) An increase in operating current assets is subtracted from net income.
e) A decrease in operating current liabilities is subtracted from net income.
Explanation:
Operating activities: It involves those transactions that affect the after-net income working capital. It would subtract the rise in current assets and a decrease in current liabilities while add a decrease in current assets and an increase in current liabilities.
It would modify those changes in working capital. For addition, the depreciation costs are added to the net income and the loss on the sale of assets is applied, while the gain on the sale of assets is excluded
So, the following options are used-
a) A gain is subtracted from net income.
d) An increase in operating current assets is subtracted from net income.
e) A decrease in operating current liabilities is subtracted from net income.
Answer:
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Answer:
- The amount expensed by the end of the year is $520.
- The balance in the supplies account at the end of the year, after the adjusting entries have been prepared and posted is $2,000.
Explanation:
To calculate the amount of supplies that was expensed, we simply deduct the closing balance of $2,000 from the opening balance of $2,520, as follows: $2,520 - $2,000 = $520. So, the amount of $520 was expensed during the year and the appropriate entries recorded will be:
Debit Supplies expense $520
Credit Supplies $520
<em>(To record the amount of supplies expensed)</em>
