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
Aromatic wines are known as ________, which generally are consumed before meals as a digestive stimulant.
IgorC [24]
Aromatic wines are known as Aperitif, which generally are consumed before meals as a digestive stimulant. Although this is about wine, there are other drinks typically alcoholic that are considered Aperitif's. These drinks are mild in taste and help clear and cleanse your pallet before a meal. 
8 0
3 years ago
Select the correct answer.
Naya [18.7K]
C is the correct answer
4 0
3 years ago
Read 2 more answers
Snyder Painting is transitioning to an ABC system. So far, the company has traced its costs back to several different activities
Andreyy89

Answer:

Snyder Painting

If Snyder wants to reduce its non-value-added activities to the greatest extent possible, it should concentrate its efforts on reducing the amount of time and money it spends on

B. paint storage.

Explanation:

a) Identified Activities of Snyder Painting:

A. customer consultation.

B. paint storage.

C. site preparation and cleanup.

D. onsite paint application.

b) Non-value added activities are activities that are currently necessary and consume resources but do not add value to the company's product or service.  For example, equipment set-up, parts inspection, recording job time, job scheduling, product storage, and customer billing. These activities should be reduced to the barest minimum in order to maximize value.

8 0
3 years ago
When the Fed buys securities from the public, banks' reserves ________ and the quantity of money ________.
kow [346]

When Fed buys securities from the public, banks' reserves increases and the quantity of money reduces in supply.

<h3>What are Securities?</h3>

Securities simply put are assets that has monetary values like bonds, stocks and they can be traded.

In recent times, people enjoy the digital form of money/securities like cyptocurrencies.

Learn more about Securities here:

brainly.com/question/25720881

#SPJ1

5 0
2 years ago
When a company does not have any convertible securities or options or warrants outstanding, the company has:
WITCHER [35]

Answer: Simple capital structure

Explanation: A company that does not have potentially dilutive or convertible securities in its capital structure, is said to have a simple capital structure. In a simple capital structure, the corporation finance its operation with common stock or non convertible preferred stock.

Hence , from the above we can conclude the right option is C.

6 0
3 years ago
Other questions:
  • Amy's school records describe her as a monochromat. what can we assume about amy's perceptual abilities
    13·1 answer
  • James is an employee of RVC Corporation. He works from home and regularly communicates with employees at the central office via
    6·1 answer
  • A legal firm would be considered a
    15·2 answers
  • A machine is available 10 hours a day. Each part takes 90 minutes to fabricate and 10 minutes to setup. 10% of the parts made ar
    6·1 answer
  • On October 5, your company buys and receives inventory costing $5,000, on terms 2/30, n/60. On October 20, your company pays the
    5·1 answer
  • John Taxpayer had a gross income of $2823,08 and $892.34 in deductions, How
    12·1 answer
  • Help plz! Will mark brainliest!!!
    11·1 answer
  • Stripes Inc. has a noncontributory defined pension plan for its employees. During 2020, the company had service cost of $45,000,
    6·1 answer
  • Which of the following affects employers’ decisions on how much to pay their workers? Maximizing costs
    8·1 answer
  • An agreed-upon solution about a common set of engineering features and design choices is known as a?
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!