1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Romashka-Z-Leto [24]
2 years ago
7

On December 31, 2020, Coolwear, Inc. had a balance in its prepaid insurance account of $65,400. During 2021, $103,000 was paid f

or insurance. At the end of 2021, after adjusting entries were recorded, the balance in the prepaid insurance account was $50,500. Insurance expense for 2021 was
Business
1 answer:
agasfer [191]2 years ago
6 0

Answer:

Insurance expense 2021 = $117900

Explanation:

The insurance expense for the year can be calculated by adding the value of the amount paid for insurance during the year in the value of prepaid insurance at the start of the year and deducting the value of the prepaid insurance at the end of the year. Thus, insurance expense for the year will be,

Insurance expense = Opening balance  +  Payment during the year  -  Closing balance

Insurance expense 2021 = 65400  +  103000  -  50500

Insurance expense 2021 = $117900

You might be interested in
recommend ways in which business can contribute some an effort to advance the well-being of others in business context in improv
lisov135 [29]
The answer is settling on morally revise business choices.

8 0
3 years ago
The aggregate demand curve
laiz [17]

Answer:

<u>B. shows planned purchase rates of goods and services at various price levels.</u>

Explanation:

  • The aggregate demand is the total demand for final goods and services in the economy over a given period of time. And is often distinguished as the effective demand curve. That is the demand for the GDP of the nation.
  • As it specifies all the goods and the services that are to be purchased at all the possible levels. Hence this demand curve shows us the real output given on the horizontal axis. Thus the curve shows the quantity of the output that is demanded and the aggregate of the all price level.
5 0
3 years ago
I want to have a college fund for my daughter. She is 5, so I have 13 years to achieve my goal of $50,000. The bank says I can e
Tju [1.3M]

Answer:

$2960 yearly savings

Explanation:

From the values given and from mathematical manipulation, he or she needs a contribution of at least $2900 every year in order to achieve his goal of $50,000.

                     EXPLANATION

  • If the child is 5yr old now, in 13years time, she will be 18yr old.
  • $2950 target yearly

  • for the next 13years, it would have amount to $38350

  • remember the bank will give an annual interest rate of 2%
  • so for 13years, that's 26% = 0.26

  • In the 13th year, he would have saved $38350, add the 26% interest for the duration of 13years = 26% x $38350 + $38350 = $48321

  • His savings will fall between $2950 - $2960 yearly.

3 0
3 years ago
Net Purchases + Purchases Returns and Allowances + Purchase Discounts equals:
allochka39001 [22]

Answer:

OB. Gross Purchases.

Explanation:

Gross purchases represent all the purchases a business made in a particular period. It includes returns outwards ( purchases returns),  discounts and allowances received.

Net purchases are calculated by subtracting purchase returns, discounts received, and allowances from gross purchases.

Therefore, Net Purchases + Purchases Returns and Allowances + Purchase Discounts= gross purchases.

4 0
3 years ago
A house worth $250,000 has a coinsurance clause of 90 percent. The owners insure the property for $191,250. They then have a fir
Hoochie [10]

111,250 from the insurance

8 0
3 years ago
Other questions:
  • Provide an example of a real-world industry or market that would be described by economists as perfectly competitive. (hint: wha
    10·1 answer
  • A year ago, MC Hammer Company had inventory in Britain valued at 240,000 pounds. The exchange rate for dollars to pounds was 1£
    10·1 answer
  • Tomas recently graduated with honors from his college. He has bragged to his friends that his academic performance has prepared
    7·1 answer
  • An important source of public scrutiny is "watchdogs." these are: the efforts of a firm's competitors, including how often the c
    11·1 answer
  • I need help please ❤️
    11·1 answer
  • Presented below is information for Headland Company.
    13·1 answer
  • Journalize the following selected transactions for January. Journal entry explanations may be omitted.
    6·1 answer
  • Assume the account number for income summary is 901.2
    9·1 answer
  • Specifics
    9·1 answer
  • To analyze a multiple flow process using a single flow, we must define what constitutes a ______ flow unit.
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!