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3 years ago

Required information

Business

1 answer:

photoshop1234 [79]3 years ago

6 0

Answer:

Missing word

"Shipping supplies on hand, January 1 of the current year $13

Purchases of shipping supplies during the current year $75

Shipping supplies on hand, counted on December 31 of the current year $20"

1. Adjusting entry for insurance at December 31 of the current year.

S/n General Journal Debit Credit

a. Insurance expense $870

(6,960/24)*3=$ 600

Prepaid insurance $870

(Insurance expired)

b. Shipping supplies expenses $68

($13+$75-$20)

Shipping supplies $68

(Supplies used)

2. What amount should be reported on the current year's income statement for Insurance Expense?

Insurance expense = $870

Shipping supplies expense = $68

3. What amount should be reported on the current year's balance sheet for Prepaid Insurance?

Prepaid insurance = ($6,960-$870) = $6,090

Shipping supplies as on Dec 31. = $20

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6 0

2 years ago

Although the courts seldom consider the adequacy of consideration, they may refuse to enforce an agreement which purports to exc

Diano4ka-milaya [45]

Answer:

True

Explanation:

Remember, Consideration is that thing that is legally agreed and given such as money, property in exchange for something.

What usually should come first in any contract is sufficient consideration; presence of value to be given.

Therefore, a Court can refuse to enforce an agreement due to insufficient consideration because it is the primary thing that should come first in any contract.

For example, a father gives his adult son $5 on Monday as a present and the son is impressed he says he’ll give his father $10 the following day, there is no contract. In this scenario the son does not have to give his father $10 on Tuesday, because they (son and father) did not agree to give $5 in exchange for $10. A court would term this case as having insufficient consideration.

3 0

3 years ago

On December 31, 2017, Swan Company sold for $150,000 an old machine having an original cost of $170,000 and a book value of $120

gregori [183]

Answer:

the amount of the notes receivable net of the unamortized discount is $105,546

Explanation:

The computation of the amount of the notes receivable net of the unamortized discount is shown below:

= AMount payable for next two years × present value of an ordinary annuity at 9% for 2 years

= $60,000 × 1.75911

= $105,546

hence, the amount of the notes receivable net of the unamortized discount is $105,546

4 0

3 years ago

An increase in a levered firm’s tax rate will:

svet-max [94.6K]

Answer:

B, decrease the firm's cost of capital

Explanation:

When the tax rate of a levered firm is increased, there is a decrease in the firm's cost of capital because the value of a levered firm is the sum of the market value of the firm's debt and its equity.

An increased tax rate means it has a greater debt and as such the firm's capital after settling tax debt is very reduced.

I hope this helps. Cheers.

4 0

3 years ago

Which of the following would have a negative impact on determining eligiblity for a home loan?

damaskus [11]

Answer:

Withdrawing money from savings

Explanation:

If a person withdraws money from his savings, this person is losing the balance that the bank or mortgage company could take into account in order to approve the loan or not.

The reason is that a person without savings could very easily find it hard to keep up with payments in case of a job loss, or a salary reduction, while a person with savings has a financial cushion that insurers the loaner against this kind of situations.

8 0

3 years ago