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Paraphin [41]
3 years ago
6

Eve's Apples opened for business on January 1, 2021, and paid for two insurance policies effective that date. The liability poli

cy was $52,200 for 18 months, and the crop damage policy was $26,400 for a two-year term. What was the balance in Eve's Prepaid Insurance account as of December 31, 2021
Business
1 answer:
masya89 [10]3 years ago
5 0

Answer:

$20,600

Explanation:

<u>Computation of prepaid insurance</u>

Insurance 1 ($52,200 * 6/18)              $17,400

Insurance 2 ($26,400 * 12/24)           <u>$13,200</u>

Total Prepaid Insurance                    <u>$20,600</u>

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To encourage employee ownership of the company's common shares, KL Corp. permits any of its employees to buy shares directly fro
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Answer:

$22,500

Explanation:

KL Corp

Cash ($15×$10,000 85%) $127,500

Compensation expenses ($15×$10,000×15%) $22,500

Common stock ($15×$10,000) $150,000

Therefore KL will record compensation expense associated with the May purchases of $22,500

3 0
3 years ago
Dave is a salaried employee who works in a gas station. He only earns from his job and has no other source of income. He gets a
Grace [21]

Answer:

In my opinion the most suitable answer is E. increase his sources of income to show a rise in his income after taxes

Explanation:

The reason is he could lower his expenses too, but for how long? Inflation is going to eat his salary away anyway possibly in 5 to 10 years so what Daventry ustock do is to create another source of income so that he is safe. Possibly through investing in income generating assets, real estate and possibly a side hustle! (A small time business)

6 0
3 years ago
Suppose the price of a gallon of ice cream rises from $4 to $5, and the price of a can of coffee rises from $2 to $2.50. If the
ExtremeBDS [4]

Answer:

a. less ice cream, less coffee

Explanation:

The percentage change in CPI is given by:

\%CPI = \frac{177-150}{150}=0.18

The percentage change in the prices of coffee and ice cream, respectively, are:

\%C = \frac{5-4}{4}=0.25\\\%I = \frac{2.50-2.00}{2.00}=0.25

Both coffee and ice cream had an increase in price above the CPI increase, which means that both goods are being sold above the equilibrium price and thus their demand is likely to fall.

People likely will buy less ice cream, less coffee

4 0
3 years ago
Karson, the managing director of a multinational corporation, punishes his employees for coming late to work by deducting their
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Karson os using his authorities

7 0
3 years ago
A cash-flow budget uses the same format as a cash-flow statement. It is prepared on a monthly basis and it reflects budgeted inc
RideAnS [48]

Answer:

Surplus/Deficit

2016 27920

January 4980.20

February 2265.55

March 2090.55

April 2005.55

May 2473.89

June-9061.11

Explanation:

Annual Budget

Scott and Mary Cash-Flow Statement

2017

2016 Jan. Feb. Mar. Apr. May June

Income

Deon'

Scott s salary 59,000 5162.5 5162.5 5162.5 5162.5 5162.5 5162.5

(59000/12*1.05)

Marys salary 53,1004557.75 4557.75 4557.75 4557.75 4557.75 4557.75

(53100/12*1.03)

Scott bonus 2016 5000 Jan 5900

Interest & Dividends 150 12.5 12.5 12.5 12.5 12.5 12.5

(150/12)

1.

Total Income 117250 15632.75 9732.75 9732.75 9732.75 9732.75 9732.75

Expenditures

Fixed expenses

Mortgage 14976 1248 1248 1248 1248 1248 1248

(14976/12)

Sott's Federal Income Tax 12800 2212.5 1032.5 1032.5 1032.5 1032.5 1032.5 [(salary+Bonus)*20%]

Scott's State Income Tax 3840 663.75 309.75 309.75 309.75 309.75 309.75 [(salary+Bonus)*6%]

Scott's Social Security Taxes4896 846.28 394.93 394.93 394.93 394.93 394.93

[(salary+Bonus)*7.65%]

Mary's Federal Income Tax 10620 911.55 911.55 911.55 911.55 911.55 911.55 (Salary*20%)

Mary's State Income Tax 3186 273.47 273.47 273.47 273.47 273.47 273.47 (Salary 6%)

Mary's Social Security Taxes 4062 348.67 348.67 348.67 348.67 348.67 348.67 (Salary*7.65%)

Property Taxes

2016 4100 June 4100

Property Insurance

2016 1200 June 1200

Medical Insurance 2400 240 240 240 300 240 300

Automobile Insurance and Registration

2016 700 May 175 June 175 (700/4)

Savings for auto purchase June500 500 500 500 500 500

2.

Total Fixed expenses 62780 7244.21 5258.86 5433.86 5318.86 5258.86 10793.86

Variable expenses

Food 1620 135 135 135 135 135 135 (1620/12)

Entertainment 3000 250 250 250 250 250 250 (3000/12)

Dining out 4700 391.67 391.67 391.67 391.67 391.67 391.67 (4700/12)

Electric 350 29.17 29.17 29.17 29.17 29.17 29.17

(350/12)

Water and sewer 2016 800 Jan 200.00 April 200.00 (800/4)

Heat 1250 208.33 208.33 208.33 208.33 - - (1250/6)

Cable TV 3000 250.00 250.00 250.00 250.00 250.00 250.00 (3000/12)

Telephone 600 50.00 50.00 50.00 50.00 50.00 50.00

(600/12)

Cell phone 900 75.00 75.00 75.00 75.00 75.00 75.00

(900/12)

Gifts 2016 2000 Jan 1000.00 (2000/2)

Personal care 600 50.00 50.00 50.00 50.00 50.00 50.00 (600/12)

Medical expenses 3700 308.33 308.33 308.33 308.33 308.33 308.33 (3700/12)

Vehicle gas and maintenance 2530 210.83 210.83 210.83 210.83 210.83 210.83 (2530/12)

Charitable contributions 1500 250 250 250 250 250 250

(3000/12)

Vacation June 6000

3.

Total Variable expenses 26550 3408.333 2208.33 2208.33 2408.33 2000 8000

4.Total expenses

(Addition of solution 2+ solution 3)

89330 10652.55 7467.2 7642.2 7727.2 7258.86 18793.86

5.SURPLUS/(DEFICIT)

(Solution1 Total Income-Solution 4 Total Expenses)

27920 4980.20 2265.55 2090.55 2005.55 2473.89 -9061.11

6 0
3 years ago
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