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Lelechka [254]
2 years ago
14

A. An analysis of WTI's insurance policies shows that $2,674 of coverage has expired.

Business
1 answer:
Zepler [3.9K]2 years ago
8 0

The preparation of WTI Insurance Company's income statement for the year is as follows:

WTI Insurance Company

<h3>Income Statement</h3>

For the year ended December 31,

Tuition Fees                                                                $109,577

Training Fees                                                                  48,717

Total Revenue                                                          $154,694

Expenses:

Depreciation Expense -Professional Library $5,349

Deprecation Expense - Equipment                10,698

Salaries Expense                                            49,307

Insurance Expense                                           2,674

Rent Expense                                                 24,468

Teaching Supplies Expense                           7,869

Advertising Expense                                        7,132

Utility Expense                                                5,706

Total expenses                                                           $113,203

Net income                                                                 $45,091

<h3>How do you prepare Income Statements from Unadjusted Trial Balance?</h3>

To prepare an income statement from an unadjusted trial balance, you must take into consideration all the necessary end-of-period adjustments.

The adjustments ensure that the financial statements are prepared in accordance with the accrual basis.  The accrual concept requires every expense and revenue for the period to be accounted for or recognized, whether received in cash or paid for.

<h3>Question Completion with Data from Unadjusted Trial Balance:</h3>

Tuition Fees $103,924

Training Fees 38,717

Depreciation Expense -Professional Library $0

Deprecation Expense - Equipment $0

Salaries Expense $48,907

Insurance Expense $0

Rent Expense 22,429

Teaching Supplies Expense $0

Advertising Expense $7,132

Utility Expense $5,706

See attachment for more information.

Required: Prepare the income statement to show the net income.

<h3>Adjustments:</h3>

a. Insurance Expense $2,674

b. Teaching Supplies Expense = $7,869 ($10,187 - $2,318)

c. Depreciation Expense - Equipment = $10,698

d. Depreciation Expense - Professional Library = $5,349

e. Training Fees = $48,717 ($38,717 + $10,000)

f. Tuition Fees $109,577 (103,924 + $5,653)

g. Salaries Expense $49,307 ($48,907 + $100 x 4)

h. Rent Expense = $24,468 ($22,429 + $2,039)

Thus, the income statement of WTI's Insurance shows a net income of $45,091.

Learn more about preparing an income statement at brainly.com/question/24498019

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Radovilsky Manufacturing Company, in Hayward, California, makes flashing lights for toys. The company operates its production fa
Anna007 [38]

Answer:

Given,

Annual demand, D = 12500,

Setting up cost, S = $ 49,

Production rate per year, P =  production facility × capability of production = 300 × 105 = 31500,

Holding cost per year, H = $ 0.15,

Hence,

(i) Optimal size of the production run,

Q = \sqrt{\frac{2DS}{H(1-\frac{D}{P})}}=\sqrt{\frac{2\times 12500\times 49}{0.15(1-\frac{12500}{31500})}}=3679.60238126\approx 3680

(ii) Average holding cost per year,

=\frac{QH}{2}(1-\frac{D}{P})

=\frac{3680\times 0.15}{2}(1-\frac{12500}{31500})

=166.476190476

\approx \$ 166.48

(iii) Average setup cost per year,

=\frac{D}{Q}\times S

=\frac{12500}{3680}\times 49

=166.44021739

\approx \$ 166.44

(iv) Total cost per year = average setup cost per year + average holding cost per year + cost to purchase 12500 lights

= 166.44 + 166.48 + 12500(0.95)

= $ 12207.92

7 0
3 years ago
Lisa is wondering if her company is earning the income they expected to earn at the beginning of this year. She looks at to see
andre [41]

Lisa is wondering if her company is earning the income they expected to earn at the beginning of this year. She looks at to see how the money looks, while remembering that this budget does not show cash outlays. This type of budget is called Expense Budget

<h3>What is Expense Budget?</h3>
  • The Expense Budget displays the revenue and capital expenditures of several ministries and departments and provides estimates for each under "Plan" and "Non-Plan."
  • It provides a thorough study of various expenditure kinds as well as a general explanation for why estimates vary. The Expense Budget also includes the Central Government's requests for grants.
  • Capital assets are crucial expenses for firms since they include cash outlays for production machinery and other equipment that generates revenue.
  • Due to the fact that production equipment is more expensive than standard office supplies or monthly expenses, financing is sometimes required to purchase capital assets.
  • The purchase of capital assets is typically included in expense budgets, and their effects on working capital and future cash flows are quantified. Businesses wouldn't be able to accomplish their operational goals without well managed capital investments.

To know more about Expense Budget with the given link

brainly.com/question/14318672

#SPJ4

3 0
2 years ago
When GaGa began adding novelty bars in new flavors, what was the effect on the width and depth of its product mix?
Yanka [14]

Answer:

It increased the depth of their product mix.

The depth of the product mix is basically how many different types of variations of the same product are offered, e.g. Coke, Diet Coke, Coke Zero, etc. Increasing product depth involves new flavors, different package sizes or other specific characteristics regarding the product.

Product width refers to the different types of products offered by the company, e.g. Toyota offers sedans, trucks, SUVs, minivans. In this case, product width is not affected.

6 0
2 years ago
Demonstrate how workplace discrimination undermines organizational effectiveness.
snow_lady [41]

Answer:

Workplace discrimination prevents the firm from using the full potential of those employees that are being discriminated against.

Explanation:

For example, if the firm discriminates against a specific group of people when hiring (for example, it can discriminate against older people), the firm could lose valuable potential employees that could have provided great skill and experience for the firm.

If the firm practices discrimination against employees, the operation in the company will not be as streamlined as it could be against discrimination because those who are being treated poorly will be less motivated and have lesser output.

6 0
3 years ago
Even though many bonds have deferred sinking funds, the sinking fund has the following effects on bondholders: I) provides extra
Vladimir [108]

Answer: I) provides extra protection to bondholders as both an early warning system and perhaps some collateral cash

II) ) provides an option to the firm to buy bonds at the lower of market or face value.

Explanation:

A sinking fund is typically an amount of money that is being set aside by a company in order to either pay a bind or pay off a particular debt that the company has incurred.

The effect of the sinking bond on bondholders is that it provides extra protection to bondholders as both an early warning system and perhaps some collateral cash and tabt is also provides an option to the firm to buy bonds at the lower of market or face value.

Therefore, option I and II are correct.

3 0
2 years ago
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