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Step2247 [10]
2 years ago
8

Let’s return to Tenisa and Randolf Singh and their retail and decorating business, Comfy Home.Comfy Home is a retail business se

lling a broad range of homeware, kitchen, and electrical appliances to consumers and small businesses. In addition to the home and kitchen appliances, Comfy Home makes and sells home decorating items including artisanal candles and holiday arrangements. The company has two stores located in the small city of Warmtown, USA. Its downtown store offers decorating services to the banks and small businesses in the vicinity. Tenisa Singh handles the candle making and decorating side of the business while Randolf Singh managers the stores. The business is wholly owned by Tenisa and Randolf Singh and was started by the couple in 2014.
As part of Comfy Home’sprepaid assets, there is a yearly insurance premium of $12,000. The new year has begun and Comfy Home’s accountant is preparing journal entries for the month of January. She has learned from Randolf that the insurance premium for this year is the same as for last year and was paid in cash on January 2, 2018 for the new year. What are the journal entries that the accountant will make at the end of the month of January to reflect the activity(ies) related to Comfy Home’s insurance?
Business
1 answer:
quester [9]2 years ago
6 0

Answer:

Comfy Home

Journal Entries:

Date      Account Title             Debit    Credit

Jan. 31  Insurance Expense   $1,000

            Prepaid Insurance                  $1,000

To record the insurance expense for January.

Previously:

Jan. 2  Prepaid Insurance   $12,000

           Cash                                      $12,000

To record the prepayment for insurance premium.

Explanation:

Insurance Expense for each month is calculated as Prepaid Insurance/Period of prepayment.  This is equal to $12,000/12 = $1,000. This implies that every month's account will be debited with $1,000 for Insurance Expense, while the Prepaid Insurance (asset) is credited to account for the use of the asset for the period (month).  For January's balance sheet, the Prepaid Insurance balance will be $11,000 ($12,000 - $1,000).

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lesya692 [45]

Answer:

$11.1

Explanation:

We can calculate the factory overhead allocated to a unit using multiple department factory overhead rate methods with an allocation base of direct labor hours. In this method, we will divide the te total overhead cost in direct labor hours consumed in that department.

Solution

Direct Labor  Overhead  rate for Finishing = $550,000/500,000

Direct Labor  Overhead  rate for Finishing = $1.10  per hour

Direct Labor  Overhead rate for Production = $400,000/80,000

Direct Labor  Overhead rate for Production = $5

Overhead for DeskLamps = (Direct labor hours in Finishing x Direct Labor  Overhead  rate for Finishing + Direct Labor hours in Production x Direct Labor  Overhead rate for Production)

Overhead for DeskLamps= (1x$1.10 + 2x$5)

Overhead for DeskLamps= $11.1

3 0
3 years ago
In general, term loans can be created more quickly than bond issues because they (1) tend to be negotiated directly with the len
swat32

Answer:

The correct answer is letter "A": True.

Explanation:

Term loans are those where individuals or organizations request a certain amount of money from a financial institution with the promise the individual or institution will be in charge of a series of periodical payments (principal + interest) to cover the debt.

<em>Term loans are privately negotiated between borrowers and lenders, offering the advantage of speed because there is no need for filings with the Securities and Exchange Commission (SEC) or other regulatory entities to request them.</em>

4 0
3 years ago
After a tax is imposed on the market for bottled water, the price buyers pay is $2.50 per bottle and the price sellers receive i
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The balance of the price in the market is determined by demand and supply, which are measured in terms of the price and quantity variables; When a tax is placed on a product, a change in the market equilibrium is generated, since buyers pay more and sellers receive less.

Thus, a tax causes the supply curve to move up and the demand curve to move down.

In order to know how the tax burden is distributed, the incidence is measured through the elasticity of the supply and demand curve, which measures the sensitivity of the quantity, demanded or offered, of products before a price change.

When the supply curve is more elastic than the demand curve, the impact of the tax is stronger for consumers, as the prices paid by consumers increase more than the price that sellers receive decreases.

Answer

It can be concluded about the elasticity of demand and supply prices that <em>supply is more elastic than demand</em>

3 0
3 years ago
A key factor in evaluating the target market's attractiveness is the market's desire for alternative/natural solutions because t
Iteru [2.4K]

Answer:

c. Athletes

Explanation:

Based on the information provided within the question it can be said that you should target Athletes. This is because you are offering turmeric meal replacement bars as an alternative natural treatment. Out of all the answers provided Athletes are the ones who would be most interested in this since they need to consume natural food and meals in order to maintain their health and performance.

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3 years ago
20 points easy …………………….
dlinn [17]

Answer:

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7 0
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