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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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Nancy sold her personal residence on June 30 of this year under an agreement in which the real estate taxes were not prorated be
meriva

Incomplete question. Here's the full question:

<em>Nancy paid the following taxes during the year: </em>

<em>Tax on residence (for the period from March 1 through August 31) =$5,250</em>

<em>State motor vehicle tax (based on the value of the personal use automobile) =$430</em>

<em>State sales tax =$3,500</em>

<em>State income tax =$3,050</em>

<em>Nancy sold her personal residence on June 30 of this year under an agreement in which the real estate taxes were not prorated between the buyer and the seller.</em> What amount qualifies as a deduction from AGI for Nancy? a. $9,180b. $9,130c. $7,382d. $5,382 e. None of the above

Answer:

<u>c. $7,328</u>

Explanation:

Remember, Nancy <em>transferred</em> ownership of her personal residence on June 30, but she received tax on residence for 2 extra months (July and August).

The amount that qualifies for tax deduction therefore is;

121 days (Four months of her stay) / 184 days (six months period) × $5,250

+

$430

+

$3,500] = $7,382.

She likely deducts from the state sales tax with a higher amount than from the state income tax.

4 0
3 years ago
Which of the following describe the reason(s) why maximization of intrinsic stock value benefits society?
Dafna1 [17]

Answer:

B. Workers prefer companies that minimize operating costs.

C. The owners of stock are society.

D. Successful companies attract more talent.

Explanation:

The intrinsic stock value does not need to reflect the market value of the company stock. However, the intrinsic stock reflects the company's lucrative aspect, something more intuitive that describes the company's operating. Therefore, a high intrinsic stock value reflects a company with great reputation.

A company with high intrinsic stock will surely attract more talent, as the talent pool is motivated by working in a reputable, efficient company. This kind of company is surely cost-effective in terms of operation too.

7 0
3 years ago
All of a company's depreciation, property taxes, and insurance premiums are considered manufacturing overhead.
Irina18 [472]

All of a company's depreciation, property taxes and insurance premiums are considered manufacturing overhead (MOH) ----- False.

What is considered manufacturing overhead?

Manufacturing overhead (MOH) cost is the sum of all the indirect costs which are incurred while manufacturing a product. It is added to the cost of the final product along with the direct material and direct labor costs.

What does manufacturing overhead include?

Manufacturing overhead includes indirect materials, indirect labor, depreciation on factory buildings and machines, and insurance, taxes, and maintenance on factory facilities. Costs that are a necessary and integral part of producing the finished product.

. Direct labor :

Is the cost of the workers who make the product. The cost of supervisory personnel, management, and factory maintenance workers, although they are needed to operate the factory, are classified as indirect labor because these workers do not use the direct materials to build the product.

Learn more about company's depreciation :

brainly.com/question/1055905

#SPJ4

7 0
1 year ago
Well over 50% of all projects fail. Research and discuss how the planning process plays an important role in the success or fail
BigorU [14]

Answer:

Project planning plays an essential role in helping guide stakeholders, sponsors, teams, and the project manager through other project phases. Planning is needed to identify desired goals, reduce risks, avoid missed deadlines, and ultimately deliver the agreed product, service or result.

Explanation: The key in planning is to look at each of the knowledge areas below and make sure you and your team will address each of these areas in ways that will help reach all the end goals.

Communications

Costs

Human resources

Procurement

Quality of deliverables

Business requirements

Risks

Schedules

Project scope

Stakeholders

The key to a successful project is in the planning. Creating a project plan is the first thing you should do when undertaking any project.

Often project planning is ignored in favor of getting on with the work. However, many people fail to realize the value of a project plan for saving time, money and many problems.

7 0
3 years ago
Pat used to work as an aerobics instructor at the local gym earning $35,000 a year. Pat quit that job and started working as a p
Ivan

Answer:

$34,000

Explanation:

Accounting profit = Total revenue - Explicit costs

i.e Total revenue = $50,000

     Explicit costs = $12,000 + $1,000 + $3,000 = $16,000

Therefore; $50,000 - $16,000 = $34,000.

6 0
3 years ago
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