1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
anygoal [31]
3 years ago
10

A company shows a $600 balance in Prepaid Insurance in the Unadjusted Trial Balance columns of the work sheet. The Adjustments c

olumns show expired insurance of $200. This adjusting entry results in: Select one: a. $200 decrease in net income. b. $200 increase in net income. c. $200 difference between the debit and credit columns of the Unadjusted Trial Balance. d. $200 of prepaid insurance. e. An error in the financial statements.
Business
1 answer:
Nesterboy [21]3 years ago
6 0

Answer:

a. $200 decrease in net income.

Explanation:

When insurance is paid in advance, the entries required are;

Debit Prepaid Insurance

Credit Cash account

As time elapses and the insurance expires,

Debit Insurance expense

Credit Prepaid Insurance

Given that the Adjustments columns show expired insurance of $200, this will be recorded as an expense and will thus decrease the net income.

You might be interested in
Cine Creation sold plant assets at a $ 16 comma 000 loss. Where on the statement of cash flows should Cine Creation report the s
Vanyuwa [196]

Answer:

1. On the statement of cash flow record the sale of the asset under the investment section.

2. -$16,000

Explanation:

In Cash flow Statements every asset purchases and sales are viewed as investments, so you record asset sales in the investment section of the cash flow.

Therefore the exact value of the sales is recorded.

8 0
3 years ago
Vint and Gracie are married and will file a joint tax return. For 2020, their modified adjusted gross income was $110,000. Graci
masya89 [10]

The amount that Vint and Gracie can claim for 2020 lifetime learning credit is <em>D. $600</em>.

Explanation:

Joint Modified Adjusted Gross Income for 2020 = $110,000

Tuition for the fall semester paid by Gracie = $3,000

Limit placed on lifetime learning credit = $2,000

Rate of lifetime learning credit = 20% of the first $10,000

Allowed lifetime learning credit = $600 ($3,000 x 20%)

<u>Answer Options</u>:

A. $0

B. $200

C. $400

D. $600

Thus, the amount that the couple can claim for 2020 lifetime learning credit is <em>D. $600</em>.

Learn more: brainly.com/question/14263483

7 0
2 years ago
Galaxy Inc. has a tax burden ratio of .75, an interest burden of .6, a leverage ratio of 1.25, and a return on sales of 10%. Thi
emmainna [20.7K]

Answer:

Return on equity = 13.5 %

Explanation:

given data

tax burden ratio = 0.75

interest burden = 0.6

leverage ratio = 1.25

return on sales = 10%

sales assets = $2.40

to find out

What is the firm's ROE

solution

we get here Return on equity (ROE) that is express as

Return on equity = tax burden ratio ×leverage ratio × interest burden ratio × return on sale × sales      .......................1

put here value we get

Return on equity =  0.75  × 1.25  × 0.6  × 10%  × 2.40

Return on equity =  0.75  × 1.25  × 0.6  × 0.10  × 2.40

Return on equity = 0.135

Return on equity = 13.5 %

6 0
3 years ago
List four ways in which china was affected by thriving trade during the yuan dynasty
Paul [167]

Answer:

Four ways in which china was affected by thriving trade during the yuan dynasty are:

  • Sea trade developed under the Mongols.
  • Skills and information from china spread through other parts of the world.
  • A more accurate calender been used.
  • They started using better astronomical instruments.

Explanation:

Yuan Dynasty was establised by mongols in the early 13 centuries. It was ruled by Kublai Khan. It was first forgein led dynasty in the ancient China. Yuan danasty have open door policy, where forgeiners were allowed to travel freely in China without paying any taxes. They have introduced the first paper currency.

7 0
3 years ago
Kings code essay business studies
xxMikexx [17]
I do not know to answer. i am very sorry and sa dude 
4 0
2 years ago
Other questions:
  • What type of relationship do two people who work the same job share?
    14·2 answers
  • Under gaap, cash receipts from interest and dividends are classified as
    7·1 answer
  • Grays Company has inventory of 16 units at a cost of $11 each on August 1. On August 3, it purchased 26 units at $10 each. 18 un
    8·1 answer
  • The reason Air-Omnibus was not celebrating despite selling more aircrafts than Crow-Wing in 2003 was because of the Multiple Cho
    7·1 answer
  • Many catalog companies create special-run issues based on what customers have purchased in the past. For example, customers who
    5·1 answer
  • Variable costs are Group of answer choices
    5·1 answer
  • The principal-agent problem, as applied to the labor market, would have the :
    11·1 answer
  • Fleet Delivery Corporation is a public company with a market capitalization of less than $75 million. Fleet is poised to issue s
    9·1 answer
  • The residential division of Prism's high-speed Internet service uses one advertising agency, while its commercial division uses
    11·1 answer
  • 5) "Once a business develops a solid information system to meet its needs, that system will serve the business for at least 25 y
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!