Beauty Zone's annual insurance premium is $9,600, paid quarterly in advance starting April 1, 2024. On December 31, 2024, calculate the prepaid insurance amount. a) $8,400 b) $3,200 c) $2,400 d) $4,000
Q: Provide correct answer the general accounting question
A: Step 1: Predetermined overhead rate Predetermined overhead rate = Estimated manufacturing…
Q: i wont to this question answer general accounting
A: Step 1: Define Contra-Asset AccountA contra-asset account is a type of accounting account with a…
Q: I need Answer
A: Step 1: Identify the formula for Diluted EPSDiluted EPS = (Net income - preferred dividends) /…
Q: Please need answer the general accounting question
A: Step 1: Define Straight-Line DepreciationStraight-line depreciation is a method of allocating the…
Q: Please give me true calculation with explanation and correct answer this general accounting question
A: Step 1: Define Predetermined Overhead RateThe Predetermined Overhead Rate (POHR) is the rate used to…
Q: What is the volume variance for sales revenue?
A: Step 1: Definition of Volume VarianceVolume variance measures the difference between the expected…
Q: General Account Answer????
A: The beginning inventory is calculated as follows: Cost of goods sold = Beginning inventory +…
Q: Factory rent is categorized as: a. Product and direct material costs. b. Product and direct labor…
A: Option a: This option is incorrect because the factory rent is product cost but not direct material…
Q: What is the appropriate target selling price?
A: Step 1: Definition of MarkupMarkup refers to the percentage added to the total cost of a product to…
Q: What is the cash balance
A: Step 1: Definition of Cash DisbursementsDisbursements of cash refer to cash payments made by a…
Q: Need help with this general accounting question not use chatgpt
A: Step 1: Introduction to accounts receivableAccounts receivable refers to the customers who have…
Q: What is Fargo's product cost total on these general accounting question?
A: Step 1: Define Product CostProduct Costs are costs that are directly associated with the…
Q: The factory janitor's salary is a: a. Product and direct material cost. b. Product and direct labor…
A: Option a: This option is incorrect because the janitor's salary is not a direct material cost as it…
Q: Solve this general accounting problem not use ai
A: Step 1: Formula Days Sales of Inventory = Inventory/Cost of goods sold x 365 days Step 2:…
Q: None
A: To calculate the market value of shareholders' equity, we use the formula: Equity = Assets -…
Q: I need solution
A: Detailed explanation:The revaluation of PPE must be carried out with sufficient regularity to ensure…
Q: Provide correct answer financial accounting question
A: Step 1: Define Fisher's EquationAmerican economist Irving Fisher's equation is a fundamental…
Q: Please given answer
A: To determine Geisner Inc.'s debt-to-equity ratio, we follow these steps: Step 1: Calculate total…
Q: Calculate it's gross margin ratio?
A: Step 1: Calculation of Gross ProfitGross Profit = Net Sales - Cost of Goods SoldGross Profit =…
Q: Bucket 's operating leverage is?
A: To calculate Bucket Corporation's operating leverage, we use the Degree of Operating Leverage (DOL)…
Q: Carter Manufacturing Ltd. Partial Income Statement: please answer the general accounting question
A: Step 1: Define Operating LeverageOperating Leverage measures the sensitivity of a company's…
Q: The Rolling Department of Kama Steel Company had 2,000 tons in beginning work in process inventory…
A: Explanation of Beginning Work in Process (WIP):Beginning WIP represents the partially completed…
Q: The percentage of completion method is primarily used in _? (a) Manufacturing (b) Service industries…
A: Concept of Percentage of Completion MethodThe percentage of completion method is an accounting…
Q: Help
A: Concept of Stock Dividend:A stock dividend is a distribution of additional shares of a company's…
Q: ???
A: Explanation of Accrual Accounting:Accrual accounting is a method that records revenues when they are…
Q: Financial Accounting
A: Step 1:First calculate the gross loss on sale: Given that, Gross loss on cost = 1/10 Which means if…
Q: Kindly help me with accounting questions
A: Step 1: information givenEffective Annual Rate (EAR) = 8.24% or 0.0824Compounding frequency (n) = 12…
Q: General accounting question please solve
A: Step 1: Definition of Full Costing (Absorption Costing)Full costing, also known as absorption…
Q: In August, one of the processing departments at T Corporation had beginning work in process…
A: Step 1: Identify the Cost of Units Transferred Out FormulaStep 2: Identify the given dataStep 3:…
Q: hello tutor give me a answer general accounting
A: Step 1:First calculate the change in working capital: Change in working capital = Working capital,…
Q: What is the solution?
A: Step 1: Step 2: Step 3: Step 4:
Q: General Accounting question
A: Explanation: The current ROE of XYZ is given as 18%. It is stated that the Board of Directors is…
Q: Can you please provide correct answer the general accounting question?
A: Step 1: Define Break-Even Sales in DollarsBreak-Even Sales in Dollars is the amount of sales revenue…
Q: Provide correct answer general Accounting question
A: To find the true rate of return, we must consider not only the capital gain but also the dividends…
Q: The total assets and total liabilities (in millions) of Dollar Tree Inc. and Target Corporation…
A: To determine the owners' equity for each company, we use the accounting equation:…
Q: Accounting question answer
A: Step 1: Define Gross ProfitGross profit is the calculation of profitability made by a company before…
Q: Answer? ? Financial accounting question
A: Step 1: Analysis of information givenRate of preferred dividend = 11%Par value = $75Selling price of…
Q: General Accounting Question need help
A: Step 1: Define Cost of Units Transferred OutThe cost of units transferred out refers to the total…
Q: Bristol Electronics had fixed assets of.... Please answer the general accounting question
A: To calculate the amount of fixed assets purchased, use the following formula: Ending Fixed Assets =…
Q: provide correct answer general accounting
A: Explanation: When an entity borrows any debt, then, the portion of the debt which is due within 12…
Q: Calculate current ratio
A: Step 1: Recall the current ratio formula.current ratio = total current assets / total current…
Q: Need answer
A: The question requires the determination of the yearly earnings on a savings account. This is also…
Q: Do fast answer of this accounting questions
A: Step 1: Definition of Cash FlowThe annual cash flow from a project refers to the net amount of money…
Q: Kindly help me with accounting questions
A: Step 1: Definition of Acid-Test RatioThe acid-test ratio, also known as the quick ratio, measures a…
Q: What is the degree of opereting leverage? General accounting
A: Explanation: The formula to calculate the degree of operating leverage is as follows:Degree of…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Total Asset TurnoverThe total asset turnover ratio measures a company's…
Q: Marigold Corp. uses flexible budgets. At a normal capacity of 22,000 units, the budgeted…
A: Step 1: Identify the ComponentsVariable Overhead Rate: Variable Overhead Rate per Unit=Normal…
Q: Please answer the general accounting question
A: Step 1: Define Number of Reorders per YearThe number of reorders per year is calculated by dividing…
Q: financial account solution need.
A: To calculate the standard rate per direct labor hour, we include:The basic direct labor rate.The…
Q: What are the total manufacturing overhead costs for March?
A: Step 1: Formula Applied overhead = Total direct labor cost x Overhead rate Step 2: Total direct…
Calculate the prepaid insurance amount


Step by step
Solved in 2 steps

- General/financial AccountingOn June 1, 2023 Stanfield Tileworks accepts a $50,000, five month, 9% note from a customer. On November 1, 2023, Stanfield receives full payment for the note including accrued interest. Please provide the journal entry that results from this paymentOn January 1, 2021, Umbrella Insurance Company has collected $24,000 for multiple two-year insurance premiums and recorded the funds in Unearned Revenue. Umbrella records insurance revenue on a monthly basis. How much will be in the Unearned Revenue account on November 30, 2021?
- A life insurance company issues a 10-year term insurance policyto a life aged 50, with sum insured $100 000. Level premiums are payablemonthly in advance throughout the term. You are given the following premium assumptions. (i) Commission is 20% of each premium payment in the first year (incurredat the premium payment times) and 5% of all premiums after the firstyear. (ii) Additional initial expenses are $100. (iii) Claim expenses are $250. (iv) The sum insured and claim expenses are payable one month after the dateof death. (v) Mortality follows the Standard Select Life Table, with UDD betweeninteger ages.(vi) i = 5%. Calculate the gross monthly premium.On September 1, 2024, Daylight Donuts signed a $186,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on March 1, 2025. Daylight Donuts should report interest payable at December 31, 2024, in the amount of: Multiple Choice $1,860 $5,580 $0 $3,720On July 1, 2021, Orion Tech received $75,000 through promissory notes maturing in 2024. These notes pay 5% interest annually, and Orion's fiscal year ends on December 31. What amount of interest expense should Orion recognize by the end of the year?
- XYZ Company lent $9,000 at 10% interest on December 1, 2019. The amount plus all interests accrued will be collected after 1 year. At the end of December, which of the following journal entry is required to take up the interest income? Select one: a. Debit Cash $900; Credit Interest Revenue $900 b. Debit Interest Revenue $75; Credit Interest Receivable $75 c. Debit Interest Receivable $900; Credit Unearned Revenue $900 d. Debit Interest Receivable $75; Credit Interest Revenue $75Prob. Cost accountOn September 1, 2021, Daylight Donuts signed a $112,000, 9%, six-month note payable with the amount borrowed plus accrued interest due six months later on March 1, 2022.Daylight Donuts should report interest payable at December 31, 2021, in the amount of: (Do not round your intermediate calculations.) Multiple Choice $0. $5,040. $3,360. $1,680.