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3 years ago

What is the adjusting journal entry to update the Prepaid Insurance account?

Business

1 answer:

muminat3 years ago

5 0

Answer:

the correct journal entry to be recorded when the prepaid insurance payment is realized is,

A) Debit Insurance Expense

Credit Prepaid Insurance

Explanation:

prepaid insurance is an asset to the company, which means that we have paid in advance. because of this, when we pay it in advance, the entry will be

"prepaid insurance debit

money/bank credit"

this asset was created because the payment we made for the insurance does not belong to this accounting time period and it belongs to the next accounting period. matching concept is the underlying concept behind this.

once we reach the next time period, the prepaid expense becomes a actual cost and the asset is decreased.

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apone has the following estimates for the upcoming year: Activity Cost Pool Estimated Overhead Cost Estimated Activity Machine-r

KatRina [158]

Answer:

Activity rate for testing $66.22 per test

Explanation:

we will divide the cost pool over the expected activity base

In this case we divide the $124,500 over the 1,880 tests

$\frac{Activity\: Pool}{Activity \: base}= Activity\:Rate$

124,500 / 1,880 = 66,2234 = 66.22

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2 years ago

What is the marketing objective for the decline stage of the product life cycle?

Y_Kistochka [10]

In the decline stage of the product the main objective of the marketing is reinforce the positive perception of the brand by the loyal costumers. In this stage, the product is not going to attract any new potential costumers; therefor the marketing efforts are often focused to advertise the product to its loyal customer base, this decreases marketing costs while improving the overall perception of the product and ultimately the brand.

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3 years ago

Salty Snacks Inc. markets a fish-shaped cracker. When Tasty Tidbits Inc. begins to sell a similar product, Salty files a suit ag

zhannawk [14.2K]

The court is unlikely to bring Salty Snacks Inc. a claim. The allegation of infringement and the allegation of confusion has no legal arguments as the fish format of the product is not a trademark. So there is no legal reason for Salty Snacks Inc. to sue Tasty Tidbits Inc, just another example of market competitiveness.

4 0

3 years ago

Actism What is nowcasting? (5 marks)

Greeley [361]

Explanation:

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6 0

2 years ago

Great Outdoors Company makes two types of camping tents. Making a standard camping tent requires 4 hours of labor while making a

Ksju [112]

Answer:

The correct answer is option (d).

Explanation:

According to the scenario, the computation for the given data are as follows:

Total labor hour for standard tents = 2,800 × 4 = 11,200 Labor per hour

Total labor hour for deluxe tents = 1,300 × 10 = 13,000 Labor per hour

Total labor hour = 11,200 + 13,000 = 24,200

Allocation rate for indirect manufacturing costs = Total costs / Total labor hours = $484,000 /24,200 = $20

So, Per unit overhead for standard tents = Labor hours per unit × Allocation rate

= 4 × $20 = $80

Per unit overhead for deluxe tents = Labor hours per unit × Allocation rate

= 10 × $20 = $200

So, $80 of overhead cost should be assigned to each standard camping tent and $200 of overhead cost should be assigned to each deluxe tent.

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3 years ago