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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

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Identify the careers that match the descriptions.
dalvyx [7]

1- Enviromental Compliance inspector (D)

2- Recyling and Reclamation Worker(A)

3-Water Treatment Plant and System Operator (B)

4-Enviromental Engineer (E)

5-Hazardous Materials Removal Worker(C)

7 0
3 years ago
Marianna has been returning from her lunch break 30 minutes late for the past 2 weeks. When her manager confronts her about it,
Arisa [49]

Answer:

d. Has the company applied its rules, orders, and penalties evenhandedly and without discrimination to all employees?

Explanation:

The seven tests for Just Cause are the following:

  1. Adequate warning
  2. Reasonableness
  3. Completeness of investigation
  4. Objectivity of investigation
  5. Proof of infraction
  6. Uniformity of the rules application (option D refers to this specific Just Cause test)
  7. Reasonableness of discipline.

The Just Cause tests are used to determine if any disciplinary or termination action was fair, and not just because the employer or supervisor wants to.

7 0
2 years ago
In 2018, the Barton and Barton Company changed its method of valuing inventory from the FIFO method to the average cost method.
babunello [35]

Answer: The journal entry is as follows:

Explanation:

Given that,

Barton and Barton company's inventories were $32.6 million at December 31st, 2017

But the records of B and B's company indicated that inventories would have totaled $24.1 million  December 31st, 2017

Therefore, the journal entry for the adjustment in the records of B and B's company in 2018 is as follows:

                                             <u>Debit</u>                  <u>Credit</u>

Retained Earnings A\c       $8.5 million

To Inventory                                                      $8.5 million

Retained Earnings = $32.6 million - $24.1 million

                               = $8.5 million

6 0
3 years ago
According to research (conti, 2011), police performance is shaped by the people that the department recruits and their _____.
Iteru [2.4K]
The answer in the space provided is personality. It is because their personality is also a main contributor of their performance as this will shape on how they do things and how they affect other people, such as how they show their performance and their way of connecting or socializing towards others.
8 0
3 years ago
Suppose that people expect inflation to equal 3 percent, but in fact, prices rise by 5 percent. Describe how this unexpectedly h
Cerrena [4.2K]

Answer:

The answer is:

Helps the government and a homeowner with a fixed-rate mortgage

But hurts a union worker in the second year of a labor contract and a college that has invested some of its endowment in government bonds

Explanation:

The government: This unexpected Increase in inflation help the government in the sense that it reduces the real value of government debts(it erodes the purchasing power of the debtors). It also increases the tax revenue.

A homeowner with a fixed-rate mortgage: This unexpected Increase in inflation also pays this category because the interest rate he is paying for his mortgage is less than the prevailing interest rate.

A union worker in the second year of a labor contract: This unexpected increase hurts this worker because the terms of the contract would have been based on the expected inflation rate(3%) but for this unxpected increase, its purchasing power will be eroded.

A college that has invested some of its endowment in government bonds: It hurts the college because higher inflation rate means the college is receiving a lower interest payment from the bond.

4 0
2 years ago
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