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Bogdan [553]
3 years ago
10

Help please

Business
2 answers:
loris [4]3 years ago
8 0

the answer is a if it is asking indirect.

dimaraw [331]3 years ago
5 0
Your answer is going to be B.
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When Castle Corporation pays insurance premiums, the transaction is recorded as a debit to prepaid insurance. Additional informa
atroni [7]

Answer:

$227,500

Explanation:

The computation of the total amount of cash paid is shown below:

Cash paid for insurance premium = Prepaid Insurance at end of the year  + Prepaid Insurance recognized - Prepaid Insurance at the beginning of the year

= $61,250 + $218,750 - $52,500

= $227,500

We simply applied the above formula so that the correct amount of cash paid could come with respect to the insurance premium

5 0
3 years ago
At the end of the year, Sheffield Co. has pretax financial income of $616,000. Included in the $616,000 is $78,400 interest inco
SVEN [57.7K]

Answer:

$173,820

Explanation:

pretax financial income $616,000

- interest income on municipal bonds ($78,400)

+ depreciation ($67,200 - $50,400) = $16,800

+ fine for dumping hazardous materials $25,000

taxable income = $579,400

income taxes payable = $579,400 x 30% = $173,820

Fines are not tax deductible, and since depreciation for tax purposes is lower than accounting depreciation, you must add them. But since municipal bonds are not taxable, they must be subtracted.

3 0
3 years ago
The following transactions occurred during November: Borrowed $2,700 from the bank in and signed a promissory note. Received $52
Anarel [89]

Answer: $5,000

Explanation:

Going by the Accrual principle in accounting, revenue is only to be recognized when earned. This means that revenue from services performed in October and revenue from services to be performed in December, will not be part of revenue reported in November.

Revenue to be recorded in November income statement = Billed $3,950 to customers for services performed on account in November + Received $1,050 cash for services performed during November

= 3,950 + 1,050

= $5,000

6 0
3 years ago
What are the benefits of organizing your thoughts before you begin to speak?
mixas84 [53]
Sometimes when speaking, your thoughts get very jumbled, if you're at all like me. Organizing your thoughts can well, organize your thoughts! :)
7 0
3 years ago
Read 2 more answers
Refer to the following selected financial information from Dodge Company. Compute the company's acid-test ratio. Cash $ 42,250 S
Vikki [24]

Answer:

company's acid-test ratio is 1.63. Option e

Explanation:

Acid test ratio is similar to current ratio. However, current assets difficult to liquidate such as inventory are usually not included in the total current asset computation

Given,

Cash = $ 42,250

Short-term investments = 60,000

Accounts receivable, net = 79,500

Merchandise inventory = 115,000

Prepaid expenses = 9,700

Accounts payable = 111,400

Acid test = (42250 + 60000 + 79500 + 9700)/111400

               = 181750/111400

               = 1.63

Option e.

8 0
3 years ago
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