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pickupchik [31]
3 years ago
9

On July 1, 2017, Lopez Company paid $2,600 for six months of insurance coverage. No adjustments have been made to the Prepaid In

surance account, and it is now December 31, 2017. Zim Company has a Supplies account balance of $7,800 on January 1, 2017. During 2017, it purchased $3,400 of supplies. As of December 31, 2017, a supplies inventory shows $1,500 of supplies available.
Required:
Prepare the journal entries to reflect expiration of the insurance and correctly report the balance of the Supplies account and the Supplies Expense account as of December 31, 2017.
Business
1 answer:
MAVERICK [17]3 years ago
5 0

Answer:

a.

Date                          Account Title                                       Debit           Credit

Dec. 31, 2017           Insurance expense                          $2,600

                                 Prepaid insurance                                                 $2,600

b.

Date                          Account Title                                       Debit           Credit

Dec. 31, 2017           Supplies Expense                               $9,700

                                  Supplies                                                                 $9,700

<u>Working</u>

Supplies = Beginning balance + Purchases - Closing balance

= 7,800 + 3,400 - 1,500

= $9,700

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Your company has just taken out a 1-year installment loan for $82,500 at a nominal rate of 12.0% but with equal end-of-month pay
Bas_tet [7]

Answer:

89.63% of 2nd month payment will go towards the payment of principal.

Explanation:

Loan Payament per month = r ( PV ) / 1 - ( 1 + r )^-n

r = rate per period = 12% per year = 1% per month

n = number months = 12 months

PV =  present value of all payments = $82,500

P = payment per month = ?

P = 1% ( $82,500 ) / 1 - ( 1 + 1% )^-12

P = $7,330 per month

Month Payments Principal Interest Balance

1                 -7330              -6505     -825       75995

2                -7330              -6570      -760      69,425

Percentage of Principal Payment  = Principal payment / totla monthly payment = $6,570 / $7,330 = 0.8963 = 89.63%

6 0
3 years ago
Given the following probability distribution:
tamaranim1 [39]

Answer:

4

Explanation:

4 probability = value of function,. F(3) = P(Y < 3) = 5/12 x. 0. 1. 2 ... The expected value or mean of random variable X is given by. µ = E(X) =.

4 0
2 years ago
________ means the supply curve has shifted to the right, while ________ refers to a movement along a given supply curve in resp
Flauer [41]

<u>An increase in supply</u><u> means the supply curve has shifted to the right, while </u><u>an increase in quantity supplied </u><u>refers to a movement along a given supply curve in response to an increase in price.</u>

What would shift a supply curve down and to the right?

  • In contrast, a drop in input costs will cause the supply curve to move to the right. Technology.
  • An increase in technology will shift the supply curve to the right. Conversely, a decrease in technology will shift the supply curve to the left.

What does it mean when the supply curve shifts to the right?

  • When demand is constant and supply is increasing, the supply curve moves to the right, creating an intersection where quantity and prices are lower.
  • On the other hand, a negative change in supply causes the curve to move to the left, raising prices and lowering quantity.

Which would cause a shift in the supply curve ?

  • When a change is brought about by a source other than price, the supply curve shifts.

Learn more about supply curve

brainly.com/question/14925184

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5 0
2 years ago
Each month, Burrel Incorporated produces 500 units of a product that has unit variable costs of $22. Total fixed costs for the m
Gnom [1K]

Answer:

difference between the offered price and the variable cost per unit

Explanation:

The contribution margin per unit of a product is the difference between the selling price per unit and variable cost per unit. The contribution margin per unit shows the amount available from each unit sold that cater to fixed costs and profits. A higher amount of contribution margin is desirable as it assures that each unit sold is contributing to profitability.

When the variable costs are more than the selling price, it means a business is not meeting any of its costs. The firm is running at a loss and is likely to close down soon. Before accepting or rejecting the special offer, the business should compare the proposed price and variable costs. If the contribution margin is positive, then the order should be considered.

5 0
3 years ago
McDonald's culture, with an emphasis on cleanliness, consistency, service, and the training that reinforces the value of these c
stellarik [79]

Option C

Costly to imitate criteria for sustainable competitive advantage

<h3><u>Explanation:</u></h3>

Sustainable competitive advantages are business assets, properties, or skills that are hard to replicate or exceed; and render a higher or complimentary long term situation over competitors.  A company must produce distinct goals, plans, and methods to create a sustainable competitive advantage.

 It needs huge expenditure in time and money to create a brand. It demands very limitedly to destroy it. A good brand is precious because it prompts customers to favor the brand over competitors. A unique product or service increases customer support and is less suitable for a competitor to imitate.

6 0
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