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Firdavs [7]
3 years ago
10

Gibson Company paid $24,000 on June 1, 2017 for a two-year insurance policy and recorded the entire amount as Insurance Expense.

The December 31, 2017 adjusting entry is
a. No entry
b. Unearned Rent Revenue 8,000
Rent Revenue 8,000
c. Rent Revenue 8,000
Unearned Rent Revenue 8,000
d. Unearned Rent Revenue 16,000
Revenue Revenue 16,000
Business
1 answer:
Lesechka [4]3 years ago
6 0

Answer:

Dr Prepaid insurance 16000

Cr Insurance expense 16000

Explanation:

Since Gibson company already recorded the full amount of $24000 which was for 2 years and only half a year has past, so you take 24000×3/4=16000

So you need to undo your error and derecognise the 16000 because it's a prepaid expense

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Traditions and beliefs form an intrinsic part of any __________. For example, Hanukkah, a Jewish festival celebrated by Jewish f
dimulka [17.4K]

Answer:

1st blank: society

2nd blank: culture

Explanation:

8 0
3 years ago
Which of the following parties to an option contract on a company's shares is obligated to buy shares at the option exercise pri
SashulF [63]

Answer:

Option B (Put seller) is the appropriate alternative.

Explanation:

  • Put seller relates to the practice including its opportunity to then be implemented. That whenever a put application is approved, this same writer typically takes the equality of opportunity at either the strike amount from the lengthy put grabber.
  • Writing possibilities seems to be an opportunity for investors. That being said, the earnings from composing the given opportunity would be constrained to either the premium, although the put buyer could keep going to create revenue or gains until another inventory would be zero.

Some other three situations do not relate to either the type of situation in question. So there is one that is the appropriate one.

4 0
3 years ago
Perfect​ Clean, Inc. provides housekeeping services. The following financial data have been provided. Service Revenue $ 70 comma
Dennis_Churaev [7]

Answer:

The contribution margin is $29,650

The contribution margin ratio is 42.35%

Explanation:

Contribution Margin : The contribution margin shows a difference between sales revenue and variable cost.

For computing the contribution margin, the following formula is used which is shown below:

= Service revenue - Cleaning supplies - wages expenses

= $70,000 - $22,000 - $18,350

=$29,650

Thus, the contribution margin is $29,650

Now, the contribution margin ratio is a ratio between contribution margin and sales.

In mathematically,

Contribution margin ratio = Contribution ÷ Service revenue

                                          = $29,650 ÷ $70,000

                                          = 42.35%

Hence, the contribution margin ratio is 42.35%

5 0
4 years ago
The wealth of the owners of a corporation is represented by​ ________.
Setler79 [48]
The correct answer to this is C profits. hope this helps :)
5 0
3 years ago
Read 2 more answers
Which section of the balance-of-payments statement summarizes u.s. trade in currently produced goods and services?
NikAS [45]

US commerce in goods and services that are now being produced is outlined in the balance of payments statement's current account section.

<h3>What does a favorable or unfavorable trade balance mean?</h3>

A surplus in trade is shown by a positive trade balance, while a deficit in trade is indicated by a negative trade balance. The BOT is crucial in figuring out a nation's current account. The following equation can be used to determine the trade balance: The value of goods and services sold to customers in other nations is known as the value of exports.

<h3>The balance of payments categorizes transactions into which accounts?</h3>

Transactions are split between the current account and the capital account in the balance of payments. When a distinct, typically very modest capital account is reported separately, the capital account is occasionally referred to as the financial account. Transactions in commodities and services are included in the current account.

<h3>What is the current trade balance?</h3>

For a country, the trade balance includes both exports and imports. This element makes up the majority of the current account, which is also the balance of payments' biggest component. Trade deficits are beneficial for emerging countries even if the majority of countries want to avoid them.

Learn more about balance of trade:

brainly.com/question/26964298

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8 0
2 years ago
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