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Dennis_Churaev [7]
2 years ago
13

On July 1, 2020, Pearl Co. pays $13,620 to Martinez Insurance Co. for a 3-year insurance policy. Both companies have fiscal year

s ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Martinez Insurance Co. Martinez uses the accounts Unearned Service Revenue and Service Revenue.
Business
1 answer:
Sati [7]2 years ago
8 0

Answer:

Explanation:

The journal entry is shown below:

1st July Debit Prepaid insurance $13620

Credit Cash $13620

31st December Debit Insurance expenses $2270

Credit Prepaid insurance $2270

Insurance expense was calculated as:

= $13620/3 years × 6months/12months

= $4540 × 1/2

= $2270

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Your parents are giving you $205 a month for 4 years while you are in college. At an interest rate of .48 percent per month, wha
luda_lava [24]

Answer:

$8,770.00

Explanation:

In this question we use the present value formula i.e shown in the attachment below:

Data provided in the question

Future value = $0

Rate of interest = 0.48%

NPER = 4 years × 12 months = 48 months

PMT = $205

The formula is shown below:

= -PV(Rate;NPER;PMT;FV;type)

So, after solving this, the answer would be $8,770.00

7 0
3 years ago
A financial manager is interested in the cash inflows and outflows of a​ firm, rather than the accounting​ data, in order to​ __
goldenfox [79]
I think the best would be C ensure timely payments of taxes
7 0
3 years ago
Examples of company-wide applications, called legacy applications, include order processing systems, payroll systems, and compan
arlik [135]

The given statement "Examples of company-wide applications, called legacy applications, include order processing systems, payroll systems, and company communications networks" is False.

<h3>What is an enterprise application?</h3>
  • A big software system platform known as an enterprise application (EA) is intended to run in a corporate setting, such as a business or government. EAs are mission-critical, complicated, scalable, distributed, and based on components.
  • For instance, Salesforce is a platform for customer relationship management that links teams in sales, marketing, commerce, and customer service.
  • Microsoft Office 365 is a productivity cloud that includes Word and Excel as well as additional programs for device management, security, and other things.

Learn more about the enterprise application with the help of the given link:

brainly.com/question/15700448

#SPJ4

6 0
2 years ago
The Starfire Coffee chain was the only coffee-shop chain and meeting place in many American cities for more than 12 years. Peopl
Kamila [148]

Answer: In this particular case we can reason that this scenario represents <em><u>monopolistic-ally competitive market.</u></em>

Both coffee house  are offering a similar product and commodity, with only little differentiation in their design.

i.e. The Starfire Coffee chain provided consumer with peppermint coffee and the experience of sitting in front of a roaring fire, chatting with friends.

whereas Reindeer provided consumer with a mug of hot cocoa and a similar community experience.

5 0
3 years ago
Four years ago, Lisa Stills bought six-year, 13.68 percent coupon bonds issued by the Fairways Corp. for $947.68. If she sells t
LekaFEV [45]

Answer:

10.60%

Explanation:

First, we calcualte the returns and then solve for the rate like a normal compounding:

<u>returns:</u>

annual coupon payment. 1,000 face value x $ 13.68 = $ 136.80

sales price: 913.73

<u>total:</u> 136.8 x 6  + 913.73 = 820.80 + 913.73 =

<em />

<u>cost:    </u>  947.68

to  record the effective rate of return:

947.64 (1+ r_e)^6 = 1,734.5\\

\sqrt[6]{\frac{1,734.5}{947.68}} -1 = r_e

<u>effective rate of return:</u> 0.105992287 = 10.60%

5 0
3 years ago
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