Minor criminal offense, specifically a strict liability offense. Strict liability refers to an offense made regardless of the the intent of action. In other words, even if you have no malicious intent, you are still liable for the offense. Another example is possession of drugs.
Explanation:
The journal entries are as follows:
On July 1
Prepaid Insurance A/c Dr $20,700
To Cash A/c $20,700
(Being prepaid insurance is paid)
On December 31
Insurance expense A/c Dr $
To Prepaid insurance A/c $1,110
(Being the insurance expense is recorded)
The insurance expense is shown below:
= $20,700 ÷ 3 years × 6 months ÷ 12 months
= $3,450
Answer:
Explanation:
The preparation of the production budget report in units for Pasadena Candle Inc. is shown below:
Projected sales 37,000
Add: Desired January 31 inventory 4,000
Available units 41,000
Less: Estimated January 1 inventory -$1,900
Units produced $39,100
Answer:
So interest payment will be $8000
Explanation:
We have given face value of the bond = $100000
And bond is issued for $93500
Standard rate of interest = 8 %
And market rate of interest = 10 %
We have to find the interest paid
Interest payment will be given by
Interest payment = face value of bond × standard rate of interest
= $100000×0.08 = $8000
So interest payment will be $8000
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