Adjusting entry for Insurance Expense:
In the given case, the insurance was purchased on July 1 of the same year for one year of insurance coverage, with coverage beginning on that date. It means the Insurance expense for the current year shall be calculated for the period (July 1 to Dec. 31) =6 Months
The Total amount paid for one year was $6,000. So the amount of expense for the current year shall be 6000*6/12 = $3,000
Hence the adjustment entry shall be made for $3,000 Insurance expense. We shall debit Insurance expense and Credit the Prepaid Insurance. The
Adjusting Journal entry as on Dec. 31 shall be as follows:
Insurance Expense Debit $3,000
Prepaid Insurance Credit $3,000
Answer: C) $36,000
Explanation:
Only alimony payments for the year may be deducted from gross income. Child support may not.
After the child turns 21, Kim pays $3,000 only which means that $3,000 was the alimony amount net of child support.
The yearly deduction is;
= 3,000 * 12
= $36,000
Answer:
b. receive and process bids for Treasury securities in preparation for the Treasury's auction of securities.
Explanation:
The Fed and their regional banks are authorized by the Federal Reserve Act of 1913 to act as fiscal agents if the Secretary of the Treasury requires them to do so. Theoretically, this shouldn't be a normal activity, it should only happen on demand of the Secretary of the Treasury.
Answer: D. The date of declaration establishes the increase to liabilities.
Explanation:
The statement that best represents the relationship that exist between the date of declaration, the date of record and ex-dividend date, and the date of payment for a cash dividend is that the date of declaration helps in establishing the increase to liabilities.
On the declaration date, it should be noted that the board of directors will declares that the shareholders will be paid dividend on a specific future date. Then, the corporation will then becomes legally liable for the payment of the dividend on the declaration date.
A <u>learning organization</u> is one that actively creates, acquires and transfers knowledge within itself and is able to modify its behavior to reflect new knowledge.
<h3>What is a learning organization?</h3>
These are organization that are skilled at creating, acquiring, and transferring knowledge, and as well as modifying its behavior to reflect new knowledge.
This kind of company facilitates the learning of its members and continuously transforms itself as well.
Read more about learning organization
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