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andriy [413]
3 years ago
15

The prepaid insurance account had a balance of $3,000 at the beginning of the year. The account was debited for $32,500 for prem

iums on policies purchased during the year, ending on March 31.Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment:
a. The amount of unexpired insurance applicable to future periods is $4,800
b. The amount of insurance expired during the year is $30,700. Refer to the Chart of Accounts for exact wording of account titles.
Business
1 answer:
Nitella [24]3 years ago
5 0

Answer:

A.  Date   Account Title                 Debit        Credit

                Insurance expense      $30,700

                ($3000+$32500-$4800)

                       Prepaid insurance                  $30,700

B.   Date   Account Title                Debit          Credit

                 Insurance expense     $30,700

                          Prepaid insurance                 $30,700

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Accents Associates sells only one product, with a current selling price of $70 per unit. Variable costs are 40% of this selling
katrin2010 [14]

Answer:

$20,000

Explanation:

Break-even sales is the point of sales at which the business incur no profit no loss. At this level of sale the business covers all of the variable and fixed cost associated with the product. Break-even is expressed in sales volume and sales value terms.

Current Selling Price = $70

As we know

Sales price = Variable cost + Contribution margin

Sales price = Variable cost ratio + Contribution margin ratio

100% = 40% + Contribution

Contribution = 100% - 40% = 60%

Fixed Cost = $12,000 Per month

Break-even sales  = Fixed Cost / Contribution margin ratio

Break-even sales  = $12,000 / 60% = $20,000

4 0
3 years ago
Gaulle Company began the year with a balance of $6,000 in Accounts Receivable and ended the year with $9,000 in the account. Rev
Mkey [24]

Answer:

$35,000

Explanation:

Data provided in the question:

Accounts Receivable at the start of the year = $6,000

Accounts Receivable at the end of the year = $9,000

Revenues for the period = $38,000

Now,

cash collected from the customers

= Beginning balance + Revenue for the year - Ending balance of account receivable

= $6,000 + $38,000 - $9,000

= $35,000

8 0
3 years ago
What are the activities of Facility Management?
Afina-wow [57]

Answer:

Managing a facility

Explanation:

8 0
3 years ago
If a bank that desires to hold no excess reserves and has just enough reserves to meet the required reserve ratio of 10 percent
Misha Larkins [42]

Answer:

 c. $360 increase in excess reserves and a $40 increase in required reserves

Explanation:

Required reserves is the amount of reserves that is required by the Central bank that banks should keep.

Required reserve = reserve ratio × deposit

= 0.1 × $400 = $40

Excess reserve is the amount of reserves kept in excess of the required reserves.

Excess reserve = Deposit - Required reserve = $400 - $40 = $360

I hope my answer helps you

4 0
3 years ago
A business that does not need a full-time accountant, would most likely use a ______ accountant in which services are exchanged
3241004551 [841]

A business that does not need a full-time accountant, would most likely use a public accountant in which services are exchanged for a fee.

<h3>Who is an accountant?</h3>

An accountant is a professional who is responsible for analyzing and interpreting financial records of an organization. He also keeps the financial records of business or firm that employs him.

The role of an accountant include performing accounting functions such as:

  • Analyzing accounts
  • Auditing
  • Reporting the financial transactions of a person or a business.

Learn more about accountants here: brainly.com/question/13433103

#SPJ1

4 0
1 year ago
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