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madreJ [45]
3 years ago
5

What is the proper adjusting entry at December 31. the end of the accounting period, if the balance in the prepaid insurance acc

ount is dollar 7, 750 before adjustment, and the unexpired amount per analysis of policies is. dollar 3, 250?
A. Debit Insurance Expense, dollar 3, 250; credit Prepaid Insurance. dollar 3, 250.
B. Debit Prepaid Insurance; dollar 4, 500; credit Insurance Expense, dollar 4, 500.
C. Debit Insurance Expense, dollar 4, 500; credit Prepaid Insurance, dollar 4, 500.
D. Debit Insurance Expense, dollar 7, 750; credit Prepaid Insurance, dollar 7, 750.
E. Debit Cash, dollar 7, 750; Credit Prepaid Insurance, dollar 7, 750.
Business
1 answer:
Artemon [7]3 years ago
7 0

Answer:

C. Debit Insurance Expense, dollar 4, 500; Credit Prepaid Insurance, dollar 4, 500

Explanation:

Date       Account Title                  Debit              Credit

Dec 31   Insurance expense         $4,500

              Prepaid insurance                               $4,500

              ($7,750-3,250)

Option C is correct.

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2 years ago
An airline is considering a project of replacement and upgrading of machinery that would improve efficiency. The new machinery c
Nikolay [14]

Answer:

$172.25

Explanation:

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using an excel spreadsheet and the NPV function, we can calculate the project's NPV with an 8% discount rate:

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we can also do it manually:

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6 0
3 years ago
Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $120 per unit. Variable expenses are $60.00 pe
umka21 [38]

Answer:

50%

Explanation:

Given: Selling price= $120 per unit.

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First computing contribution margin.

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⇒ Contribution margin= \$120 - \$ 60

∴ Contribution margin=  \$ 60

Now, calculating the contribution margin ratio.

Contribution margin ratio= \frac{Contribution\ margin}{selling\ price\ per\ unit}

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∴ Contribution margin ratio= 50\%

Hence, the product´s contribution ratio is 50%.

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2 years ago
If actions of the chinese government caused a shortage of domestic currency, then the exchange rate would be
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3 years ago
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