Answer:
The adjusted balance for Prepaid Insurance is $1,200. Whereas, the expired Insurance that is to be charged to Profit or Loss Statement is $1,500.
Explanation:
The Double Entry to Record the Expired Resource (Insurance) is:
Insurance Expense (Dr.) $1,500
Prepaid Insurance (Cr.) $1,500
This implies that the adjusted balance for Prepaid Insurance is 2,700 - 1,500 = $1,200.
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Answer:
B. the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.
Explanation:
a consumer surplus is the amount that exceeds the amount that a consumer actually pays for a product and the amount they are willing to pay
Answer:
According to utility analysis, the consumer will be in equilibrium when he is spending money on goods in such a way that the marginal utility of each good is proportional to its price. Let us assume that, in his equilibrium position, consumer is buying q1 quantity of a good X at a price P1.
Explanation:
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Answer:
The overapplied factory overhead results in more expense. The overapplied factory overhead results in increase in cost of good sold. Over-application means that actual overhead are less than reported expense. At the end of the accounting period the company will pass following accounting entry to adjust over application
Debit FOH account 400
Credit Cost of Good Sold 400
So after this adjustment the net income will increase by 400 dollars.
