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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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ikadub [295]

Answer:

1) Muhammad (S.A.W)

2) Al- Quran

3) A muslim

5 0
3 years ago
Assume that Speedboat Company has beginning finished goods inventory of $10,000; ending finished goods inventory of $150,000; go
gtnhenbr [62]

Answer:

$60,000

Explanation:

The movement in finished goods balance between the beginning and end of a period is due to the cost of goods sold and goods manufactured. This may be expressed mathematically as;

Opening balance + manufactured goods - cost of goods sold - other write-offs = closing balance.

where there are no other write-offs,

$10,000 + $200,000 - cost of goods sold = $150,000

Cost of goods sold = $10,000 + $200,000 - $150,000

= $60,000

7 0
3 years ago
Is it important for a company to follow a strict budget even though they may be experiencing phenomenal profits? Do you think th
slavikrds [6]

Answer:

Truly, it is imperative for the organization to follow the exacting budget plan despite the fact that they can be encountering incredible benefits. There will a predisposition towards covetousness while making the budget limit for this organization. On the off chance that the organization is encountering the exceptional benefits, a considerable lot of the organizations will attempt consistently and extricate the budget limit; it might cause the huge issue like as the benefits not are effectively re-put resources into to the said organization. The extraordinary benefits exceptionally uncommon happens over the extensive stretch of the time they are for the most part in one to a quarter of a year spells whereas the monetary allowance is generally quarterly at the greater part of the implying that when we are encountering the incredible benefits this is nearly ensured for being fleeting separated from when this is the imposing business model market. To set up the detail budget plan for New Year.

3 0
3 years ago
#9. What is meant by social responsibility?
Oliga [24]
The responsibility that each person has not to harm another person, the community, or the environment
5 0
3 years ago
Miller Fruit wants to expand and needs $1.6 million to do so. Currently, the firm has 465,000 shares of stock outstanding at a m
Assoli18 [71]

Answer:

Rights needed for each new share = 8.14 rights

Explanation:

Amount needed to expand = $1.6 million

465,000 shares of stock outstanding at a market price per share of $32.50

The subscription price = $28

Number of rights issued = 1 right per share × 465,000 shares

Number of rights issued = 465,000 rights

Number of shares needed = $1,600,000 / $28

Number of shares needed = 57,142.857

Rights needed for each new share = Number of rights issued / Number of shares needed

Rights needed for each new share = 465,000 / 57,142.857

Rights needed for each new share = 8.14 rights

7 0
3 years ago
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