Answer:
1935
Explanation:
32,000-15,000 = 17,000
17,000 x 0.075 = $1275 (this is his commission)
1275 + 660 = $1935
$1935 is his gross income for the month
The adjusting entry would recognise insurance expense of $1,500.
Explanation:
The policy of an insurance company, tax insurance, insurance for business failure, etc. typically lasts a year, with payments charged in full (insurance premiums). Insurance policy is never the same as the financial year of the product. There are also expected to be several consolidated financial statements and some partial financial statements for compensation premiums.
Example of insurance premium payment:
On 31 December, the insurer files an correction report in order to document the expired (extended) cost of insurance and to the the pre-paid number. This is done with an premium fee of $1,000 and a prepayment policy bonus of $1,000.
No, because the decision has already been made by the Board of Directors.
More about directors and decision making:
The board's decision-making process is divided into two stages: communication and decision-making. Each director decides whether to incur a cost to communicate his information to others during the communication stage. At the decision-making stage, all directors take actions (e.g., vote) based on their private information and information inferred from the discussion, and the board makes a collective decision. Directors may have conflicts of interest and thus prefer a decision that is not in the best interests of the shareholders. Directors may also have a preference for conformity and thus incur a loss if their actions differ from those of other directors, such as voting differently than the majority.
Learn more about decision making here:
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Answer:
State unemployment tax payable A/c Dr $168
To Cash A/c $168
(Being state unemployment taxes are paid for cash)
Explanation:
The journal entry to record the payment of the unemployment taxes is shown below:
State unemployment tax payable A/c Dr $168
To Cash A/c $168
(Being state unemployment taxes are paid for cash)
For recording this transaction, we debited the State unemployment tax payable as it increase the liability and cash account should be credited as it reduce the current assets
