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ivanzaharov [21]
2 years ago
10

Mouse Inc. uses the alternative method of accounting for prepayments and purchased a $1,200, 6-month insurance policy. The compa

ny immediately debited the Insurance expense account. By the end of the period, $400 of the policy had expired. Demonstrate the required adjustment needed at the end of the period.
Business
1 answer:
zysi [14]2 years ago
3 0

Explanation:

The adjusting journal entry to record the given adjustment is shown below:

At the year-end

Insurance expense A/c Dr. A/c $800

       To Prepaid Insurance A/c $800

(Being insurance expense is recorded)

The computation is given below:

= Prepayment done for 6 months insurance policy - expired insurance

= $1,200 - $400

= $800

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<span>You can provide cheaper bottled water, therefore giving customers an option for cheaper water. You can heavily market in your area in order to get the word out as well.</span>
6 0
3 years ago
Donovan Company incurred the following costs while producing 500 units: Direct Materials, $10 per unit; Direct Labor, $25 per un
Natali5045456 [20]

Answer:

Net operating income= 15,000

Explanation:

The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.

<u>In this case, there is no beginning nor ending inventory. Fixed overhead is incorporated into the cost of goods sold in full.</u>

Sales= 500*100= 50,000

COGS= (10 + 25 + 15)*500 + 10,000= (35,000)

Gross profit= 25,000

Total selling and administrative costs= (5*500) + 7,500= (10,000)

Net operating income= 15,000

8 0
3 years ago
Suppose three companies, Optimax, Megachug, and Thirstoid, dominate the sports drink market. Optimax enjoys the largest market s
mario62 [17]

Answer:

Non-price competition

Explanation:

Non-price competition is when producers use other factors other than the price of their good or service to raise the demand for their product.

Optimax is trying to increase its market share by changing the container for its product. This is non price competition.

Price war is when producers lower the price of their goods in an attempt to increase the demand for their product.

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I hope my answer helps you

4 0
3 years ago
In some cases, individuals who start a business have special voting rights that help them exercise more control over the firm. T
Olin [163]

individuals that have special voting rights owns a special class of stock called classified stock.

The classified stock refers to class of common stock that comes with special privileges like dividend rights or enhanced voting rights.

Usually, these stock are issued/owned by individual that started or co-start the business.

The classified stock is used to ensure the company's founders maintain its control over the establish company even without owning the majority of the common stock.

Therefore, the individuals that have special voting rights owns a special class of stock called the classified stock.

Read more about classified stock:

<em>brainly.com/question/23881482</em>

6 0
3 years ago
Computing Income Taxes
Anastaziya [24]

Answer:

The​ corporation's tax liability is $ 228,820.

Explanation:

To calculate tax liability we first have to find net profit. Detail calculation is given below.

<u><em>Net profit Calculation</em></u>

Sales                                                                                 $ 3,130,000

cost of goods sold and the operating expenses          ($ 2,080,000)

Interest expense                                                              ( $ 377,000)

Net profit                                                                           $ 673,000

<u><em>Tax liability Calculation</em></u>

Income fall under Tax bracket of  34%  ($75,001 to ​$10,000,0000 for corporate tax. No additional surtax will be charged as income do not fall under its net.

Tax liabilty = 673,000 * 34% = $ 228,820

​

5 0
2 years ago
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