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Nuetrik [128]
3 years ago
11

Hurlburt Corporation renewed an insurance policy for 3 years beginning July 1 and recorded the $81,000 premium in the prepaid in

surance account. The $81,000 premium represents an increase of $23,400 from the $57,600 premium charged 3 years ago.
Assuming Hurlburt's records its insurance adjustments only at the end of the calendar year, the adjusting entry required to reflect the proper balances in the insurance accounts at

December 31 Hurlburt's year end is to

A. Debit insurance expense for $67,500 and credit prepaid insurance for $67,500.

B. Debit insurance expense for $13,500 and credit prepaid insurance for $13,500.

C. Debit prepaid insurance for $13,500 and credit insurance expense for $13,500.

D. Debit insurance expense for $23,100 and credit prepaid insurance for $23,100.
Business
1 answer:
Slav-nsk [51]3 years ago
8 0

Answer:

B. Debit insurance expense for $13,500 and credit prepaid insurance for $13,500.

Explanation:

If 6 months past from the beginning of the contract then these past 6 months must be reflected as expenses in the balances.

$13,500 reflect the expenses of the past 6 months from July 1 to December 31, then the entry Debit insurance expense for $13,500 and credit prepaid insurance for $13,500 reflect the proper balances at the end of the year.

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The Haskins Company manufactures and sells radios. Each radio sells for $76.00 and the variable cost per unit is $40.00. Haskin'
nevsk [136]

Answer:

The answer is $36.00

Explanation:

Contribution margin per unit is when variable cost per unit is subtracted from selling price per unit. Contribution is that part of revenue that was not used by variable costs and was used to cover fixed costs

selling price per unit = $76.00

variable cost per unit = $40.00

Therefore, contribution margin per unit is $76.00 - $40.00

= $36.00

5 0
3 years ago
______________ produce fundamental changes that can transform a company or even revolutionize an industry, while ______________
Whitepunk [10]

Answer: Incremental innovation ( answer for both the blanks)

           

Explanation: In simple words, incremental innovation refers to the process under which small improvement are made to the current practices of business. Such improvements through innovation results in better products and services offerings.

Such small changes however occur in large volumes and can easily revolutionize any industry.

3 0
3 years ago
Assume that we are back to talking about bags of oranges (a private good), but that the government has decided that tossed orang
ruslelena [56]

Answer:

If negative externalities pop up in a market, the equilibrium is higher than the efficient output.

Thus when it comes to the government rectification regarding the side effects of that commercial , activity, if the amount of bags is (1) then the new equilibrium would be: <em>p*= $17</em>

8 0
3 years ago
What are the three basic questions faced by every economy
Likurg_2 [28]

The three basic questions asked are:

1. What goods and services should be produced?

This is asked because the economy wants to produce what the consumers want or else the resources aren't being used efficiently since resources are scarce.

2. How should we produce them?

This is asked because the producers don't want to spend unnecessary time or money on production, so they must choose wisely what method of production is best for their company and consumers.

3. Who are the consumers?

This is asked because the producers want to make sure that they are targeting the right people with advertising or selling.

Hope this helped!

~Just a girl in love with Shawn Mendes

5 0
3 years ago
Read 2 more answers
Thomas Book Sales, Inc., supplies textbooks to college and university bookstores. The books are shipped with a proviso that they
nydimaria [60]

Answer:

Explanation:

In this question, we have to find out the net profit and the net cash flow which is shown below:

Net profit = Sales - cost of goods sold

= $760,000 - $300,000

= $460,000

And, the net cash flow would be

= Cash collections - Cost of goods sold

= $6,90,000 - 3,00,000

= $3,90,000

Hence, the cash flow statement is more beneficial for the company as the income statement does not state about the collection amount which results in the absence of the shareholder contribution wealth.

6 0
3 years ago
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