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BabaBlast [244]
3 years ago
9

The balance in the prepaid insurance account, before adjustment at the end of the year, is $18,290. The year end is March 31. Jo

urnalize the March 31 adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of insurance expired during the year is $14,920; (b) the amount of unexpired insurance applicable to future periods is $3,370. Refer to the Chart of Accounts for exact wording of account titles.
Business
1 answer:
makkiz [27]3 years ago
4 0

Answer:

Insurance Expense A/c Dr.              $14,920

     To Prepaid Insurance                                $14,920

Explanation:

In the cases the information is related to insurance expense for the period and insurance expense paid in advance for upcoming period.

Total balance in prepaid insurance before adjustment = $18,290

Expired during the period = $14,920

(a) Entry for the expired amount shall be:

Insurance Expense A/c Dr.              $14,920

     To Prepaid Insurance                                $14,920

As this is the expense amount, it shall no longer be an asset, and shall be charged to expense.

(b) In case 2 the expense for the period = Total prepaid - Unexpired insurance = $18,290 - $3,370 = $14,920

Since the expense amount is same, the entry will be same as in situation (a)

Insurance Expense A/c Dr.              $14,920

     To Prepaid Insurance                                $14,920

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Answer:

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Explanation:

We have given selling price per unit =$8

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Contribution margin per unit = 8-4.90=$3.1

Contribution margin Ratio = \frac{contribution\ margin}{sales}=\frac{3.1}{8}=0.3875

Fixed costs =  $37200

Target profit= $18600

Required Sales amount to earn the desired profit = \frac{Fixed costs + Target net income}{Contribution Margin Ratio}

=\frac{37200+18600}{0.3875}=$144000

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Answer:

Explanation:

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Many countries do not have access to modern agricultural processes.

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$115,000

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