Answer:
$700 (not given in the options)
Explanation:
When the policy is purchased with a payment made in advance, the entries recorded are
Debit prepaid insurance $8,400
Credit Cash account $8,400
After the first month, the expense incurred is
= 1/12 × $8,400
= $700
Entries then required
Debit Insurance expense $700
Credit Prepaid Insurance $700
Answer:
B) $ 70,000.
Explanation:
Debt service expense
Debt service expense is the interest expense incurred to avail the debt services from another entity.
Debt service expense can be calculated using the following formula
Debt service expense = Face value of Bonds x Interest rate x Semiannual fraction
Where
Face value of bonds = $3,500,000
Interest rate = 4%
Semiannual fraction = 6 / 12 = 1/ 2
placing values in the formula
Debt service expense = $3,500,000 x 4% x 1/2
Debt service expense = $70,000
Answer:
a. the difference between actual and budgeted fixed overhead costs.
Explanation:
As we know that
The variance is shows the difference between the actual amount and the budgeted amount or estimate amount
So, the total fixed overhead variance is the difference between the actual fixed overhead costs and the budgeted fixed overhead costs i.e to be fixed in nature
Hence, the first option is correct
Based on the given sample above, I can say that it would be an example of a descriptive statistics. When we say descriptive statistics, this is the kind of statistics that uses numerical data based from the given sample in order to describe the population. This is different from inferential because inferential statistics creates inferences based on the given data. Hope this helps.
Answer:
5%
12%
Explanation:
Unemployment rate is the fraction of the labour force that are unemployed but are actively looking for work
Types of unemployment include:
Frictional unemployment : it is the period of time a person is unemployed from the period he leaves his current job and the time he gets another job. The 300 unemployed people are frictionally unemployed
structural unemployment : it occurs as a result of changes in the economy. These changes can be as a result of changes in technology, polices or competition . Structural unemployment tends to be permanent. The 420 unemployed people are structurally unemployed
Voluntary unemployment : e.g. worker at a fast-food restaurant who quits work and attends college.
Cyclical unemployment : occurs as a result of fluctuations in the economy
Frictional unemployment = (total frictional unemployed people / total labour force ) x 100
(300 / 6000) x 100 = 5%
Total unemployment rate = (total frictional unemployed people + total structural unemployed individuals / total labour force ) x 100
[(300 + 420) / 6000] x 100 = 12%
