1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
nadya68 [22]
3 years ago
7

On July 1, a company paid the $4,800 premium on a one-year insurance policy with benefits beginning on that date. What will be t

he insurance expense on the annual income statement for the first year ended December 31?
Business
1 answer:
JulijaS [17]3 years ago
4 0

Answer:

$2,400

Explanation:

First divide $4,800 by 12 = $400 per month. Since the company paid the insurance premium on July 1, it must recognize $2,400 (= $400 x 6) as insurance expense for the July - December period. The remaining $2,400 must be recorded under the Prepaid Insurance account which is an asset account in the balance sheet.

You might be interested in
Describe briefly what an automatic identification system (AIS) is and how service organization could use AIS to increase product
MrRa [10]

Answer:

An automatic identification system (AIS) is an automated tracking device fitted to a vehicle or vessel to display objects around the vicinity of the vessel on a screen.  This helps the driver of a vehicle, for instance, to identify such objects and know how to afford head-on collisions.  For a ship, the signal sent to the VT station helps in monitoring movements around the ship.

Explanation:

Most ships are fitted with AIS to enable Vessel Tracking services.  The AIS also shows the other ships that are around and transmits the information to the Vessel Tracking Station (VTS).  Some modern cars are fitted with AIS to help the driver to identify obstructive objects.  The identified signal is displayed on the dashboard of the car just as the maritime AIS displays on the ship's dashboard as it also transmits to the VTS.

3 0
3 years ago
Different between fixed assets and current assets​
Colt1911 [192]

Answer: it is great

Explanation:

4 0
3 years ago
Lakeland Chemical manufactures a product called Zing. Direct materials are added at the beginning of the process, and conversion
Evgesh-ka [11]

Answer:

$5,000

Explanation:

<em>Note that Lakeland Chemical manufactures uses weighted-average method of process costing</em>

Equivalent units

Materials  = 9,000

Conversion Costs = 7,500

Total Costs

Materials = $20,500

Conversion Costs = $15,000

Cost per equivalent units

Materials =

Conversion Costs =

Total Cost in remaining in work in process

Total Cost

The total costs remaining in work in process on May 31 are $5,000.

8 0
3 years ago
A monopolistically competitive firm faces a downwardminussloping demand curve becauseA.its market decisions are affected by the
liberstina [14]

Answer: Option (B) is correct.

Explanation:

Correct option: product differentiation.

In a monopolistic competitive market, there are large number of sellers which are producing similar products or close substitute but the products are different enough that the demand curve for each firm is downward sloping.

The firms in a monopolistic competitive market have zero economic profit in the long run because of the less restrictions on the entry and exit of the firms.

7 0
4 years ago
How Is productivity determined?
saul85 [17]

Answer:

a. by measuring The relationship to inputs and outputs

Explanation:

Productivity shows the efficiency of generating output using the available inputs. It is measured by dividing the output of a company or a production line by the inputs used. Therefore, productivity shows the relationship between inputs and outputs.

Productivity can also be measured by labor output. In this case, the output is divided by the number of labor hours used.

7 0
3 years ago
Other questions:
  • Panamint Systems Corporation is estimating activity costs associated with producing disk drives, tapes drives, and wire drives.
    8·1 answer
  • In the current year, Mosely Company reported a net cash inflow from operating activities of $140,000. It also collected $10,000
    13·1 answer
  • Nora is in the market for a new HD television. She has spent quite a bit of time gathering information and thinking about the pu
    7·1 answer
  • Of the items in the following lists, which go from most liquid to least liquid?
    9·1 answer
  • The central element of what is purchased is called the "core," and anything bought on top of that is called what?
    14·1 answer
  • The Federal Deposit Insurance Corporation insures deposits up to $250,000 per person per financial institution. Suzanne has $200
    15·1 answer
  • Your goal is to have $12,500 in your bank account by the end of six years. If the interest rate remains constant at 9% and you w
    5·1 answer
  • Your venture has net income of $600,000 taxable income of $1,000,000 operating profit of $1,200,000 total financial capital incl
    7·1 answer
  • The primary advantage of buying a franchise over starting your own company is:
    14·1 answer
  • for landfills accounted for as enterprise funds, a portion of the estimated cost of closure of solid waste landfills should be c
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!