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forsale [732]
3 years ago
6

On December 31, 2020, Coolwear, Inc. had a balance in its prepaid insurance account of $55,400. During 2021, $93,000 was paid fo

r insurance. At the end of 2021, after adjusting entries were recorded, the balance in the prepaid insurance account was $45,500. Insurance expense for 2021 was:
Business
1 answer:
Oduvanchick [21]3 years ago
7 0

Based on the amount paid for insurance and the prepaid balance, Coolwear Inc. probably had an insurance expense of $102,900.

The insurance expense of the year can be calculated as:

<em>Closing prepaid insurance = Opening prepaid insurance + Amount paid for insurance - Insurance expense </em>

Solving will give:

<em>Insurance expense  = Opening prepaid insurance + Amount paid for insurance - Closing prepaid insurance </em>

= 55,400 + 93,000 - 45,500

= $102,900

In conclusion, insurance expense was $102,900.

<em>Find out more at brainly.com/question/14797686. </em>

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mafiozo [28]
<span>The ultimate economic burden of a tax is best captured by the effective tax rate. The effective tax rate averages how much in taxes must be paid by citizens and companies. To determine one's effective tax rate they must divide their income tax expenses by the income they earned before taxes. This tax is known as the burden tax because it strain it puts on an individual, due to the money it makes people owe.</span>
3 0
3 years ago
A volunteer must review photo identification for every taxpayer to deter the possibility of identity theft.
Serjik [45]

Answer:

Answer of the following statement is TRUE .

Explanation:

Identity theft remains an issue worldwide.

  • The interview should begin with demanding picture id to check the tax payer's and partner's identity on both the tax form.
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4 years ago
People live for four periods. They can choose to work for all four periods, or can attend school in the first period and then wo
blondinia [14]

Answer:

People should disregard schooling and  thus work in the entire life period.

Explanation:

Condition 1--- Work throughout the 4 periods

The NPV = \frac{30,000}{1.1} + \frac{30,000}{1.1^2} + \frac{30,000}{1.1^3} + \frac{30,000}{1.1^4}

= 27,272. 7 + 24,793.3 + 22,539.4 +20,490.4

= 95,095.8

Condition 2 - Attend school and work later

The NPV = -28,000 + \frac{50,000}{1.1^2} + \frac{50,000}{1.1^3} + \frac{50,000}{1.1^4}

= -28000 + 41,322.31 + 37,565.7 + 34,150.6

=   85,038.61

Conclusion: Since the NPV of not going to school is higher, people should disregard schooling. They should work in the entire life period.

3 0
3 years ago
a middle manager at a large corporation arrived to her desk and realized someone had gone through her file cabinets and stolen c
vazorg [7]

A middle manager at a large corporation arrived to her desk and realized someone had gone through her file cabinets and stolen confidential documents. After logging into her computer she also realized someone had accessed secure files containing important intellectual property as well. This situation is called Corporate Espionage.

What qualifies as corporate espionage?

Corporate Espionage is the unlawful robbery/acquisition of intellectual belongings, which includes key exchange secret and patent records as well as industrial manufacturing techniques and strategies, ideas and formulas.

What's the motive of corporate espionage?

Corporate Espionage is the unlawful and unethical theft of commercial enterprise exchange secrets for use via a competitor to achieve a competitive benefit. It's far frequently done by using an insider or an employee who gains employment for the specific purpose of spying and stealing facts for a competitor.

Why is corporate espionage unethical?

Corporate Espionage basically describes unlawful and unethical sports undertaken with the aid of companies to systematically accumulate, analyze and control records on competition with the reason of gaining a competitive side inside the market.

Learn more about Corporate Espionage here:- brainly.com/question/9655451

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5 0
2 years ago
The Fisher formula is expressed as _____ where R is the nominal rate, r is the real rate, and h is the inflation rate.
Elis [28]

Hello !

Answer :

The Fisher formula is expressed as 1+R = (1 + r) x (1+ h) where R is the nominal rate, r is the real rate, and h is the inflation rate.

3 0
2 years ago
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