A four-year insurance policy in the amount of $40,000 was purchased one year ago. What is the adjusting entry to record insurance expense for the current year? DEBIT: Prepaid Insurance for $40,000; CREDIT: Insurance Expense for $40,000 DEBIT: Prepaid Insurance for $10,000; CREDIT: Insurance Expense for $10,000 DEBIT: Insurance Expense for $40,000; CREDIT: Prepaid Insurance for $40,000 DEBIT: Insurance Expense for $10,000; CREDIT: Prepaid Insurance for $10,000
Answers
The adjusting entry to record insurance expenses for the current year would be:
DEBIT: Insurance Expense for $10,000
CREDIT: Prepaid Insurance for $10,000
Prepaid insurance is an asset account that reflects the amount of insurance purchased in advance. When an individual or company buys insurance, they generally prepay for it.
Because the individual or company doesn't know when they'll have to file a claim, they prepay for coverage ahead of time. The cost of the policy is recorded in the prepaid insurance account at the time of purchase. The balance in the prepaid insurance account decreases over time as the insurance coverage is utilized.
Each month, as the insurance coverage is utilized, an adjusting entry is required to move some of the prepaid insurance balance to the income statement. The income statement is where insurance expenses are reported. The adjusting entry for insurance expenses is as follows:
DEBIT: Insurance Expense for $10,000;
CREDIT: Prepaid Insurance for $10,000.
This transaction is made to decrease the prepaid insurance account and increase the insurance expense account on the income statement.
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Related Questions
LaBouche Company had cash receipts from customers in 2017 of $142,000. Cash payments for operating expenses were $97,000. Kelly has determined that at January 1, unearned service revenues was $13,000, and prepaid expenses were $17,500. At December 31, unearned service revenues was $18,600, and prepaid expenses were $23,100. The service revenues on cash basis is:
Select one:
a. $155,000
b. $147,600
c. $142,000
d. $136,400
Answers
At the end of the year, prepaid expenses were $23,100 and unearned service revenues were $18,600. The service's cash basis revenues total $136,400.
$142,000 plus $97,000, or $136,400, is the service revenue on a cash basis.
Revenue is the money made from regular business operations and is calculated by multiplying the average sales price by the quantity of units sold. In order to calculate net income, costs must be deducted from the top line (or gross income) figure. On the income statement, revenue is also known as sales.
A company's revenue is the money generated by its operations. Depending on the chosen accounting approach, there are several ways to compute revenue. Sales made using a credit card will be counted as revenue for products or services that were delivered to the customer. In accordance with some regulations, revenue is recorded even if payment has not yet been made.
To determine how effectively a business collects unpaid debt, it is important to review the cash flow statement. Contrarily, sales will only be recorded as revenue in cash accounting after money has actually changed hands. A "receipt" is money given to a business. An example of an activity that results in a receipt but no revenue is when a consumer prepays for a service or undeliverable products.
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stewart county school district is about to raise funds for a new school through a bond issue. the plan is to raise $3,475,000 with a 3.15% coupon, 12-year bond. the underwriter indicates the bonds will be sold at a price of $100.65 per $100. the yield to maturity on the bond is:
Answers
The calculated yield to maturity is approximately -0.9643 or -96.43%.
To calculate the yield to maturity (YTM) on a bond, we need to consider the coupon rate, bond price, and the bond's remaining term.
Given:
Face Value of the Bond (FV) = $100Coupon Rate = 3.15%Bond Price = $100.65Remaining Term = 12 yearsTo calculate the yield to maturity, we can use financial functions or approximation methods. Here, we'll use an approximation method:
Step 1: Calculate the annual coupon payment:
Coupon Payment = Coupon Rate * Face ValueCoupon Payment = 3.15% * $100Coupon Payment = $3.15Step 2: Calculate the total cash inflow from the bond over its remaining term:
Total Cash Inflow = (Annual Coupon Payment * Number of Years) + Face ValueTotal Cash Inflow = ($3.15 * 12) + $100Total Cash Inflow = $37.80 + $100Total Cash Inflow = $137.80Step 3: Calculate the yield to maturity using the bond price and total cash inflow:
\(YTM = (Total Cash Inflow / Bond Price) ^{ (1 / Remaining Years) - 1\)\(YTM = ($137.80 / $100.65) ^ {(1 / 12) - 1\)\(YTM = 1.3708 ^ {(1 / 12) - 1\)YTM = 0.0357 - 1YTM = -0.9643The calculated yield to maturity is approximately -0.9643 or -96.43%.
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.Which of the following accounts of a governmental entity is credited when a purchase order is approved?
Select one:
a. Fund balance
b. Budgetary fund balance reserved for encumbrances
c. Encumbrances
d. Vouchers payable
Answers
Among the given list c. Encumbrances are credited when a purchase order is approved.
When a purchase order is approved, it creates a commitment for the government to pay for the goods or services ordered.
This commitment is recorded as an encumbrance, which is a temporary reserve of funds that prevents the government from overspending its budget.
Therefore, when a purchase order is approved, the encumbrances account is credited to reflect the commitment of funds.
Later, when the government receives the goods or services and pays the vendor, the encumbrance is reversed, and the appropriate expenditure account is debited.
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if the maker of a promissory note fails to pay the note on the due date, the note is said to be a.displaced b.dishonored c.disallowed d.discounted
Answers
A note is considered to have been dishonored if the maker misses the deadline for payment.
How legitimate are promissory notes?Whether a promissory note is backed by property or is just based on the promise to pay, they are enforceable in court. Any property pledged as collateral by a borrower who pays on a debenture and fails to repay can be legally taken by the lender.
How much time is indeed a promissory note good for?While the limitations period for actions arising from obligations, liabilities, or contracts is four years, Economic Code Section 3118(a) specifies a six-year statute of limitations for actions to be brought against the promissory note-paying party.
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What does indigenous technology mean?
Answers
Answer: I hope this is helpful mark brainlist if right then no if wrong
Explanation:
Indigenous technology is used by the native inhabitants of a country or region and it constitutes an important part of its cultural heritage. Characteristically, indigenous technologies: Are recognized as animate, imbued with the breath of life and they live in form and function.Technologies employed by the native inhabitants of a country and which constitute an important part of its cultural heritage and should therefore be protected against exploitation by industrialized countries; the problem of indigenous knowledge has been discussed during the Rio Conference but it does not receive much ...Types of indigenous technology in India are; (i) Generic Drugs. (ii) Thorium based Nuclear Reactors. (iii) Plastic RoadsIndigenous Technology is created within a sensory environment that builds on our sense of relationship, meaning, balance, feeling, memory and place as well as sight, sound, smell, taste and touchIndigenization is the process by which Indigenous ways of knowing, being, doing and relating are incorporated into educational, organizational, cultural and social structures of the institution.One example of Indigenous Technologies in action today can be witnessed in differential approaches to medicine. Medical technologies in the Western Scientific sense of the term might conjure images of biomedical research labs, electromagnetic monitors or imaging systems such as CT or MRI scans.Indigenous technology is used by the native inhabitants of a country or region and it constitutes an important part of its cultural heritage. Characteristically, indigenous technologies: Are recognized as animate, imbued with the breath of life and they live in form and function.
Three attraction places found in SA
Answers
Answer:
The Garden Route
The Cape Town
make a list of profession and identify their levels
Answers
i will send you in messenger
It is important to receive feedback from customers and employees on a prototype's efficacy. What is
efficacy?
A. How well something decreases raw materials cost
B. How well something increases profits for shareholders
C. How well something accomplishes the goal it was set out to accomplish
*any trolls will get reported*
Answers
Efficacy means the ability to produce the desired output.
It is definitely important to get feedback from employees and customers.
The raw material cost should be reduced subject to not reducing the quality of the raw material. If the raw material quality is affected then it would affect the sales.
To maximize the shareholder profit the sales should be increased and the cost should be reduced. And strategies should be taken to increase sales.
Achieving the goals and objectives would in turn increase the shareholder's return.
To achieve the goals and objectives strategic planning should be undertaken by the company.
Complete the following sentence.
During the interview, be sure to be
Answers
During the interview be sure to be prepared.
Answer:
Positive
Explanation:
The first paragraph or part of a business letter is the
OA. introduction
OB. addresses
OC. supporting details
OD. conclusion
SUE
Answers
Answer:
introduction
Explanation:
I don't know how to explain
PLEASE HELP ME!!!!! I need to know the best ways to make a small business known. I just started a small Scentsy® business with my mom. I don't do social media and my moms is mainly her private friends even though it is public.
Answers
Answer:
Buy ads and get social media
Explanation:
Judging is:
Select the best answer choice.
A.
One's openness and flexibility to new information
B.
Perceiving people
C.
Responding to what the world throws at an individual
D.
Imposing order on the outside world
Answers
a bank has 10,000 depositors, each of whom deposits $100 in the bank. if the bank makes 1000 loans for $1,000 each then each depositor has contributed
Answers
The amount contributed by each depositor to the bank is $100. Each depositor has contributed $1,000 to the bank.
To calculate the total amount contributed by all 10,000 depositors, we multiply the number of depositors by the amount contributed by each depositor:
Total amount contributed = 10,000 x 100
= 1,000,000
In this case, the bank has 10,000 depositors, each of whom has deposited. This money can be used by the bank to make loans to other customers or to invest in other financial instruments. The bank earns interest on the deposits it receives, which is typically higher than the interest it pays on loans. This difference between the interest earned and the interest paid is the bank's profit.
In summary, each depositor contributes $100 to the bank, which the bank can use to make loans or invest in other financial instruments. The bank earns interest on the deposits it receives, which is its primary source of income.
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When developing a product, what are the benefits a usability study provides for design teams? select all that apply. 1 point observe firsthand user interactions with a product receive in-depth user feedback about a product inexpensive to conduct shows how users actually interact with a product in real life
Answers
The developing a product, what are the benefits a usability study provides for design teams are:
a product to receive in-depth user feedback about.a product inexpensive to conduct shows how users actually interact with. Thus, option (c) and (b) is correct.What is product?
The thing being sold is called a “product.” A product and service market foundation. Items are divided into two categories: industrial products and consumer products.
The product was the design for the benefit of the user team as the feedback to the customer and the product was the inexpensive was the show the customer not purchased because of it cheap.
Therefore, option (c) and (b) is correct.
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Which of these is an educational institution where you can complete an undergraduate
study program in order to get a bachelor's degree?
A 2 year ollege
B Technical School
C Certificate program
D 4 year College
Answers
give 5 numbers smaller than -2 and 5 numbers bigger than -2
Answers
bigger: -1, 0, 1, 2, 3
The fixed costs of a business are $300,000 per
year and variable costs are $2.00 per unit. The
business sells 200,000 units per year at a selling
price of $5.00. The profit made per year is:
O $300,000
O $1,000,000
O $600,000
O $1,500,000
Answers
Answer:
$300,000
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a crafty operations manager has developed this decision tree to evaluate the alternatives for a planned expansion. if the probability of high demand is 0.6, what is the best course of action?
Answers
Compare the expected values and choose the alternative with the highest value, as that would be the best course of action.
Evaluate the alternatives for a planned expansionTo evaluate the alternatives for a planned expansion, a crafty operations manager has developed this decision tree.
If the probability of high demand is 0.6, the best course of action is to expand.
The probability of low demand is 0.4, and the cost of expanding when demand is low is 500,000.
The benefit of expanding when demand is low is 200,000, while the cost of not expanding when demand is high is 100,000.
The profit from expanding when demand is high is 700,000, while the cost of not expanding when demand is low is 300,000.
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Which situations offer examples of Banking and Related Services workers? Check all that apply.
Anna analyzes loan applicants to decide whether to give them loans.
Aaron helps customers put money into and remove money from their accounts.
Jared researches the credit history of people applying for credit.
Tamara reviews the finances of a business to determine whether it is profitable.
Raquel helps individuals and companies prepare their tax forms.
Troy helps a family create a budget to save more money.
Answers
Anna provides loan applicants to decide to give them loans, put money into and remove money from their accounts and Jared researches the credit history, hence options A, B and C are correct.
What are Banking and Related Services workers?The five most significant banking services include checking and savings accounts, loan and mortgage services, wealth management, issuing credit and debit cards, and overdraft services.
An individual who works for a bank and assists customers with standard financial transactions is known as a bank teller or bank clerk.
They do daily tasks that include processing withdrawals, making deposits, and giving customers of bank money orders or cashier's checks.
Therefore, these services also comprise analysis loan applicants with basic features and a device for utilizing the account (such as a debit card and online banking ID), hence options A, B, and C are correct.
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Answer:here the answer for this question
Explanation:edge2023
The reorder point in Littlefield was set at 4200 kits initially. The lead time for replenishment was 4 days. Assuming that the daily number of orders (for 60 receivers) placed on the factory is normally distributed with a mean of 12.22 and a standard deviation of 3.41, then the initial reorder point provided a service level less than 99%
The Chick-fil-A fast food restaurant is interested in examining the capacity of a new, mini-restaurant that they have created. The restaurant offers the following menu:
Chicken Sandwich $5.00
Chicken Nuggets $4.50
Large Fry $2.00
Small Fry $1.25
Drink $1.50
Through market research, Chick-fil-A has discovered that 40% of their arriving customers will purchase a sandwich and 40% will purchase nuggets (20% of arriving customers do not purchase any chicken). All customers buy a drink and all customers buy fries, with 1/3 choosing a large fry and 2/3 choosing a small fry.
Chick-fil-A has two people working at the counter who take and fill orders from customers. On average, it takes 20 seconds for one of these counter people to take the customer’s order, get their drink, and get the rest of their meal. There are two people who work in the back room, one cooking fries and the other preparing chicken. The fry cook spends 3 minutes preparing each 2 pound batch of fries. A large fry consists of 1/4 pound of fries, and a small fry consists of 1/8 pound. The chicken preparer spends 10 seconds on each sandwich and 5 seconds on each order of chicken nuggets.
(a) (30 points) What is the capacity of each resource (Counter Help, Fry Cook, and Chicken Preparer), measured in customers per hour?
(b) (20 points) Chick-fil-A is considering the addition of a hand-scooped milk shake onto their menu. The milk shake would sell for $4.00, and would take 30 seconds to prepare for each customer. Chick-fil-A has a corporate policy that customers should be served within 1.5 minutes. In order to adhere to this policy, they are planning to hire a dedicated milk shake maker to work at the facility. Analysis has revealed that both the time between arriving customers and the time to make a milk shake are distributed exponentially. Given the variability, Chick-fil-A has determined that the average throughput time for a milk shake must be no more than 50 seconds in order to consistently meet the 1.5 minute service standard. What is the maximum number of customers/hour who can order a milkshake and still have the average throughput time within the 50 second limit?
Answers
(a) Capacity of Counter Help = 180 customers/hour, Capacity of Fry Cook = 89 customers/hour, Capacity of Chicken Preparer = 200 customers/hour (b) Maximum number of customers per hour for milkshake = 0.00714 or 0.714%
(a) Resource capacity refers to the maximum amount of output that a particular set of resources can produce, whether that be machines, employees, or other inputs. Chick-fil-A restaurant's capacity of each resource is as follows: Capacity of Counter Help (hours):The cycle time for a customer to complete the transaction is calculated as 20 seconds per order. The total time available per hour is 60 minutes or 3600 seconds per hour. The total number of customers that can be served per hour is calculated as: 3600/20 = 180 customers per hour. Capacity of Fry Cook (pounds): The cycle time per batch of fries for the fry cook is calculated as 3 minutes per 2 pounds batch.
The total time available per hour is 60 minutes or 3600 seconds per hour. Each customer orders 1.33 pounds of fries on average. The number of customers that can be served per hour is calculated as: 3600/(3*60/2*1.33) = 89 customers per hour. Capacity of Chicken Preparer (pieces): The cycle time for a chicken sandwich is calculated as 10 seconds per sandwich. The cycle time for an order of chicken nuggets is calculated as 5 seconds per order. The total time available per hour is 60 minutes or 3600 seconds per hour. Each customer orders one sandwich or one order of chicken nuggets on average. The number of customers that can be served per hour is calculated as: (3600/(10+5)) = 200 customers per hour.
(b) Maximum number of customers per hour who can order a milkshake and still have the average throughput time within the 50 second limit can be calculated using the below formula; Maximum number of customers per hour= 1/(average time per customer) As we know, that average throughput time for a milkshake must be no more than 50 seconds to meet the 1.5 minute service standard. Thus the average time per customer is 50 + 90 (1.5-0.5).Thus the maximum number of customers per hour that can order a milkshake and still have the average throughput time within the 50 second limit is given as: Maximum number of customers per hour = 1/140Maximum number of customers per hour = 0.00714 or 0.714%.
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4. individual problems 9-4 relative to managers in more industries, managers in more industries are more likely to spend their time on pricing strategies rather than on reducing costs.
Answers
"Relative to managers in more stable industries, managers in more competitive industries are more likely to spend their time on pricing strategies rather than on reducing costs."
In competitive industries where there is a higher degree of rivalry and market dynamics, managers need to focus on pricing strategies to gain a competitive edge and maintain profitability. This emphasis on pricing is driven by the need to attract customers, differentiate products or services, and respond to market fluctuations.
On the other hand, in stable industries where competition is relatively low and market conditions are more predictable, managers can prioritize reducing costs as a means of optimizing operational efficiency and maximizing profitability. The allocation of managerial time and attention to pricing or cost reduction strategies is influenced by the industry's competitive landscape and the strategic priorities necessary for success within that context.
This question should be provided as:
"Relative to managers in more______ industries, managers in more_____ industries are more likely to spend their time on pricing strategies rather than on reducing costs."Learn more about managers here
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A rising GDP and a falling unemployment rate are most likely indicators that an economy is in which phase of the business cycle?
answer: expansion
Answers
A rising GDP and a falling unemployment rate are most likely indicators that an economy is in the expansion phase of the business cycle.
During the expansion phase, the economy experiences an increase in economic activity and employment opportunities, resulting in a rise in GDP and a decline in unemployment rate. This phase is typically characterized by increased consumer and business spending, rising stock prices, and increasing confidence in the economy. The expansion phase is usually followed by the peak, recession, and trough phases in the business cycle.
The business cycle refers to the fluctuation of economic activity in an economy over time. It is typically characterized by alternating periods of expansion and contraction, with the peak, recession, and trough phases in between. Various factors contribute to the business cycle, including consumer spending, business investment, and government policies.
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50 POINTS
If (it) management does not "buy-in" to the plan, what might happen?
a. reduce confidence
b. nothing will change
c. increase confidence
d. management will be fired
Answers
Answer:
reduce confidence
Explanation:
i got it right on odyssey
Select the examples of workers commonly found in Business, Management, and Administration work environments. Check all that apply.
C folds clothing in a department store.
S leads a meeting in a private conference room.
Jr works in a private office on a computer.
L sets up sound and camera equipment in a theater.
T sits at a desk and answers telephone calls and e-mails.
J measures distances on a construction site.
Answers
Answer:
2, 3, 5
Explanation: your welcome, love.
Every Business, Management, and Administration work employee are the persons work in the office do the paper work and mange all operational and financial work of the organization . Hence option C ; S ; T are correct options
Who is Management and Administration worker ?An administrative employee is someone who oversees other workers who are members of another trade union and who typically work in office administration, construction, security, or maintenance.
Employees who have a common interest with "supervisors" are included by this definition. A general manager, business manager, administrator, director, or other person who has operational or managerial control over, or who directly or indirectly manages, the day-to-day operations of a facility, organization, or agency is referred to as a managing employee.
Management is a methodical approach to controlling individuals and resources within an organization. The act of running the entire organization by a group of people is referred to as the administration.
Planning, coordinating, and coming up with solutions to streamline administrative systems and procedures appointing duties and office space, as well as hiring and training staff.
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guysss i need helpppp
what color is a carrot plzzzzzz this teacher is on my a.ss about it
Answers
Answer:
BLUE Hope this helps :)))))
Explanation:
............
Answer:
totally megenta
Explanation:
☺️☺️☺️☺️☺️☺️☺️☺️
A monopolistically competitive firm is currently producing 10 units of output. At this level of output the firm is charging a price equal to $10, has marginal revenue equal to $6, has marginal cost equal to $6, and has average total cost equal to $12. From this information we can infer that
Answers
We can infer from the given information that the firm is currently maximizing its profit.
The firm is currently maximizing profit because the marginal revenue is equal to the marginal cost at $6.
This means that the last unit which is produced gives zero marginal profit and producing more units will cause a huge decrease in profit. The profit of the firm is positive.
Profit = (Price- Average total cost) * units produced
Profit = ($10-$6)*10
Profit= ($4)*10
Profit= 40$
The average total cost of the production is less than the price. It will not leave the market in the long run if the price is either greater or equal to the average total cost. The firm will not incurr any losses in the long run.
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a(n) is a scheme that allots to employees ever-improving employment rights and benefits as their relative lengths of pertinent employment increase.group of answer choicesseniority systemaffirmative action planpreferential selection systemdiscrimination avoidance plan
Answers
A(n) A.Seniority system is a scheme that allots to employees ever-improving employment rights and benefits as their relative lengths of pertinent employment increase.
A seniority system is a type of employment system where an employee's length of service with an organization determines their level of benefits, rights, and job security. As an employee's tenure increases, so do their entitlements, which may include increased pay, vacation time, health benefits, retirement benefits, and greater job security.
Therefore, a seniority system is a scheme that provides employees with ever-improving employment rights and benefits as their length of service with an organization increases, as stated in the question. The other answer choices, such as affirmative action plans, preferential selection systems, and discrimination avoidance plans, do not necessarily relate to the provision of employment rights and benefits based on seniority.
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T/F Mixed economies can evolve when societies with different kinds of economies interact
Answers
Mixed economies can evolve when societies with different kinds of economies interact. This statement is true.
A mixed economic system is one that incorporates elements of both capitalism and socialism.
A mixed economic system protects private property and provides for some economic freedom in the use of capital, but it also permits governments to intervene in economic activities to achieve social goals.
According to neoclassical theory, mixed economies are less efficient than pure free markets, but supporters of government intervention claim that the fundamental prerequisites for efficiency in free markets, such as equal knowledge and rational market players, cannot be met in practice.
Most modern economies are a hybrid of two or more economic systems, with economies falling somewhere along a spectrum.
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which non-customers typically are aware of your product, but don't use it because either it's unacceptable, or they can't afford it?
Answers
The second-tier customers are aware of your product, but don't use it because either it's unacceptable, or they can't afford it
A set of potential consumers who are second tier customers are those who are aware of the product but do not utilise it either because they find it unsatisfactory or they cannot afford it. These clients could be somewhat interested in the goods, but they are unable or unwilling to purchase it at current price or under the present circumstances.
Due to this, businesses might need to modify their pricing and marketing plans in order to appeal to this segment of potential clients. This could entail making the product better to make it more desirable or cheaper to make it more accessible. Companies could also need to resolve issues and think about other marketing platforms or messaging. Businesses may grow revenues and their client base by focusing on second tier customers.
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There are several steps you can take to reduce the potential of being a victim
of consumer fraud, including.
Answers
Answer:
Here are some steps to be taken to avoid being a victim of consumer fraud:
Spot Imposters: Scammers often pretend to be someone else, especially one you can trust, like a government official.Online searching: Search about the company of product online to see if it is legit or not.Don't pay in advance: Scammers always try to get money in advance, in terms of taxes or fees.Discuss with someone: Before giving someone your money, talk to someone you trust or preferably to an expert.Personal information: Don't given any unknown person your personal information, money, or any kind of financial details