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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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Medical profession is a very sensitive profession.Do U agree?Give 5 reason​
Anna [14]

Answer:

Medical profession is very sensitive and intellectual where human life is at risk. A successful effort of a doctor can save a life. Due to that, a doctor is known as 2nd God. When he attempts a major and long surgery, his endurance, hard work and mental ability spotlight his character.

6 0
2 years ago
An automobile manufacturer learns about an ignition switch defect that may cause serious safety issues but rather than enact an
olga_2 [115]

Obstructionist Stance.

When an obstructive company crosses the line into unethical behavior, rather than doing the right thing they will obstruct or "block" attempts to point out the bad behavior or to fix the problem.

3 0
3 years ago
If opportunity cost were to suddenly increase, total cost would a) decrease and net benefit would increase. b) decrease and net
Allushta [10]

Answer:

The correct answer is option d.

Explanation:

The total economic costs include both explicit as well as implicit costs. The explicit costs are the direct costs incurred and the implicit costs are opportunity costs.

An increase in the opportunity cost will cause the total economic costs to increase. The net benefit is the difference between the total revenue earned and the total cost incurred. An increase in the opportunity cost will cause a net benefit to decrease as total costs will increase.

4 0
3 years ago
During a typical evening, a pizzeria receives phone orders for pizza delivery at a constant rate: 18 orders in a typical 4 minut
liberstina [14]

Answer:

the phone order that will exceed $1000 end at 4+ 3hours 23mins = 7:23 PM

Explanation:

Given the following information for pizza delivery

phone orders : 18 orders in 4 minute.

1080 pies are sold in 4 hours

pizzeria starts taking orders at 4:00 PM

profit made = $11 on 10 orders.

When will phone order profit exceed $1,000?

phone orders : 18 orders in 4 minute.

1080 pies are sold in 4 hours

4.5 orders in 1 minute

profit made = $11 on 10 orders.

profit made = $1.1 on 1 orders.

for $1000 = 909.1 orders

at 910 orders the profit made will be $1001 (which > $1000)

therefore, our calculation of time will be base on 910 orders

18 orders in 4 minute

910 orders = 202.2 approximately 202min (which will be less than $1000)

therefore, we need to increase the order to the next minutes says 203 minutes.

913 orders = (913 * 4)/18 = 202.8mins = 3.38 hours = 3hours 23mins

in conclusion, the phone order will end at 4+ 3hours 23mins = 7:23 pm

5 0
3 years ago
James Inc.'s flexible budget for June, based upon actual output, called for the use of 10,500 pounds of materials at a standard
Lesechka [4]

Answer:

The correct answer is B.

Explanation:

Giving the following information:

James Inc.'s flexible budget for June, based upon actual output, called for the use of 10,500 pounds of materials at a standard cost of $7.40 per pound. The Production Department used 10,700 pounds of materials costing $7.10 per pound during June.

To calculate the direct materials price variance, we need to use the following formula:

Direct material price variance= (standard price - actual price)*actual quantity

Direct material price variance= (7.4 - 7.10)*10,700= $3,210 favorable

8 0
2 years ago
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