Which of the following functions of money would owning a house in a stable market be classified under?

Assume that on February 1, Procter & Gamble (P&G) paid $729,600 in advance for 2 years’ insurance coverage. Prepare P&am

Readme [11.4K]

Answer:

Journal entry on February 1:

Debit Prepaid Insurance $729,600

Credit Cash $729,600

Annual adjusting entry on June 30:

Debit Insurance Expense $152,000

Credits Prepaid Insurance $152,000

Explanation:

On February 1, Procter & Gamble (P&G) paid $729,600 in advance for 2 years’ insurance coverage. The company records the insurance as the prepaid Insurance:

Debit Prepaid Insurance $729,600

Credit Cash $729,600

On Jun 30, the last day of the following 5 months, the company records an adjusting entry that Credits Prepaid Insurance for $152,000 ($729,600 divided by 24 months times the 5 months that will be prepaid as of Jun 30) and Debits Insurance Expense for $152,000

Debit Insurance Expense $152,000

Credits Prepaid Insurance $152,000

7 0

3 years ago

What type of management decision was involved when Toyota Motor Co. announced a recall of millions of units of its cars because

Levart [38]

Answer:

non-programmed decision

Explanation:

Based on the information provided it can be said that the type of management decision that is being described is known as a non-programmed decision. This is a decision that are rare and lack strict guidelines for how they should be made or handled. They usually occur in dire situations and are made out of desperation to reach a solution to a major problem as quickly as possible.

3 0

3 years ago

What is the main motive behind dealer incentives?

lbvjy [14]

The main motive behind dealer incentives is to give the dealers a low price for stocking the companies products. The company that gives the biggest dealer incentive will attract more dealers to actively sell the product of that company. It can be seen in case of cars, the incentives given by the manufacturers to their dealers for stocking the cars.

3 0

3 years ago

Reviewing the Budget

vekshin1

Answer:

For each month we calculate the variance by finding the difference between the Actual numbers and Budget numbers.

Then we indicate if the practice was "Overbudget" or "Underbudget".

If the actual numbers are less than the budget numbers, the budget is we say that the budget is under budget.

If the actual numbers are more than the budget numbers, the budget is we say that the budget is over budget.

Month Budget Actual Variance Under/ over

<u> (Actual -Budget) Budget </u>

January 23,55,872 17,90,929 -5,64,943 Under Budget

February 26,54,031 28,27,606 1,73,575 Over Budget

March 22,39,980 29,24,180 6,84,200 Over Budget

4 0

3 years ago

Read 2 more answers

A 38-year-old investor places $25,000 into a single premium qualified deferred variable annuity. Twenty years later, with the ac

Bad White [126]

The total tax liability is $12,500.

<h3>What is the total tax liability? </h3>

Due to the fact that the account is qualified annuity, the total amount withdrawn is subject to tax. Also, because the investor is less than 59.5 years, the investor pays an additional tax of 10%.

The effective total tax = 25% + 10% = 35%

Total tax liability = 25% x $50,000

= 0.25 x $25,000 = $12,500

To learn more about taxes, please check: brainly.com/question/25311567

6 0

2 years ago